In a CBS 60 minutes interview, US Treasury Secretary Janet Yellen said there's a risk of a recession, but said it certainly isn't something that is necessary to bring inflation down.

"I believe by the end of next year you will see much lower inflation if there's not-- an unanticipated shock," she said.

Asked about the likelihood of recession, she said:

"There's a risk of a recession. But-- it certainly isn't, in my view, something that is necessary to bring inflation down."

US Dollar update

Meanwhile, the US dollar, as measured by the DXY index, has moved 0.28% higher against a basket of currencies to 105.23, although it is not too far away from the five-month trough of 104.1 a week ago.