President Joe Biden said a recession is "not inevitable" and he is confident the United States can overcome inflation, the Associated Press (AP) reported on Thursday, per Reuters.

US President Biden gave two main statements during the AP interview while saying, “First of all, it’s not inevitable,” Biden adds, “Secondly, we’re in a stronger position than any nation in the world to overcome this inflation.”

Market reaction

EUR/USD extends the latest pullback from the weekly high, after a three-day uptrend, towards 1.0540 following the news. However, the softer yields and downbeat US dollar probed the pair sellers by the press time.

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