Fed's Barkin: will see price pressure this year

Richmond Federal Reserve president, Tom Barkin, speaking to CNBC, says to assess substantial progress toward goals.

Key Barkin says will see price pressure this year and that he is watching inflation expectations closely.

He explained that inflation expectations have firmed, but that there is no sign of a breakout in inflation

Barkin also says that we haven't yet 'gotten there' on inflation.

Barkin says he doesn't tie Fed policy directly to vaccination pace and that he is encouraged by drops in hospitalizations and deaths.

Meanwhile, Fed's chair Jerome Powell was speaking today. 

Powell speech: US economic outlook has clearly brightened

The US dollar is under pressure as the short positioning in the futures market starts to take its toll on the spot. 

The DXY dropped today to a low of 90.8670 from a high of 91.3870 as traders get set for more US data, specifically Nonfarm Payrolls a the end of the week.