The latest Nonfarm Payrolls report, which showed that the US added only 266,000 jobs in April, validates the Federal Reserve's outcome-based approach to policy, Minneapolis Federal Reserve President Neel Kashkari told Bloomberg TV on Friday.

"I'm confident pricing pressures will be transitory," Kashkari further added.

Market reaction

The greenback continues to suffer heavy losses against its major rivals following these comments and the disappointing labour market report. As of writing, the US Dollar Index was losing 0.5% on a daily basis at 90.45.

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