"We do not believe the recession is imminent and there is no reason to expect that this expansion cannot continue," Richard Clarida, Vice President of the Federal Reserve, said on Thursday, responding to questions after he made his prepared comments at an event in New York.

Clarida noted, "There is no question that neutral interest rates are low and that the current monetary policy is appropriate." “The 2% inflation target is not a cap and a frame review can include an element of average inflation targeting.

Meanwhile, the US dollar index remains calm near 97.40 and is looking to extend its rally for the third consecutive day.