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White House economic adviser Jared Bernstein said on Friday that the latest jobs report from the US underscores the cost of inaction while underscoring the urgency of US President Biden’s coronavirus relief plan, as reported by Reuters.

President Biden is working on a robust infrastructure bill that is expected to receive bipartisan support, Bernstein added.

Breaking: US Nonfarm Payrolls rise by 49,000 in January, USD weakens modestly.

Market reaction

The US Dollar Index remains on the back foot following these comments and was last seen losing 0.37% on a daily basis at 91.20.