Fed's Powell: Underlying economic data does not point to slowdown

Eren Sengezer FXStreet

Additional comments from Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, are crossing the wires as he continues to speak at The Economic Club of Washington.

Fed doesn't take political factors into consideration in discussions or decisions.
Not bothered by criticism from President Trump.
No invitation to meet with president Trump yet.
Not aware of any Fed Chair turning down meeting invitation from the White House.
If economic data warrants it, Fed can move policy flexibly and quickly.
Financial market turbulence seems rooted in concerns over trade, global growth.
Underlying economic data does not point to slowdown.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD remains bid, focus stays on 1.1900

EUR/USD has broken its two-day run of losses and is ticking modestly higher on Thursday, hovering around the 1.1880 area as the US Dollar struggles to find clear direction. Weekly Initial Jobless Claims rose more than expected, taking a bit of shine off the Greenback, but markets are largely in wait-and-see mode ahead of Friday’s US CPI release.

GBP/USD sticks to the bid bias, still below 1.3700

GBP/USD is trading with decent gains around 1.3650 on Thursday. Indeed, Cable is attempting to shake off the weakness seen earlier in the week amid another choppy session for the Greenback, while a run of disappointing UK data has so far failed to derail the pair’s tentative recovery.

Gold recedes slightly, trades below $5,100

Gold remains stuck in choppy trade on Thursday, deflating marginally just below the $5,100 mark per troy ounce as the US Dollar drifts without a clear trend. Softer US Treasury yields across the curve are offering some support, but with markets treading carefully ahead of Friday’s US CPI release, conviction remains limited and price action continues to look hesitant.