The impact of the U.S. jobs and wages report for April was rather small this time around. This could be to some extent due to lower participation in this holiday-heavy week but I think the main reason is that U.S. data doesn't seem to play the biggest role in the Fed's policy at the moment.

Due to status of the U.S dollar as the number one reserve currency, the Fed is in many ways a global central bank and must act accordingly. The bank is in no hurry with rate hikes and I think they'll stay sidelined at least until September.

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