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price made a small hammer pattern even as more Federal Reserve officials sounded more hawkish. It rose to 1.0700, a few points above last week’s low of 1.0610. It remains significantly below the highest point this year.officials turned more hawkish last week after the strong economic data from the United States. Numbers published earlier this month showed that the American economy added over 504k jobs in January while the jobless rate crashed to 3.4%, the lowest level since 1953.
Therefore, analysts believe that the Fed has room for more rate increases in the coming months. In separate statements, Fed hawks like James Bullard and Loretta Mester supported more increases. Mester even supported a 0.50% increase in its March meeting.
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