*U.S. DOLLAR JUMPS AS FED OFFICIALS PUSH BACK AGAINST EARLY PIVOT SPECULATION - $USD 🇺🇸 🇺🇸
, which tracks the greenback against a basket of six advanced economy currencies, was flat at 110.97, after falling nearly 3% in the last week from what was a 20-year high.
Atlanta Fed President Raphael Bostic said that the U.S. policy tightening cycle is"still in its early days" and warned explicitly against betting on an early 'pivot'. Despite"glimmers of hope" in recent data, Bostic said"the overarching message I’m drawing...is that we are still decidedly in the inflationary woods, not out of them,"
That warning assumed a greater significance after the Organization of Petroleum Exporting Countries and its allies acted to keep oil prices high by announcing a big cut in their output from next month.
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