Dollar Dances Around Fed Forecasts Amid U.S. Jobs Data Anticipation
The dollar held steady as investors awaited the U.S. jobs report, crucial for assessing economic health before a Federal Reserve meeting and the upcoming presidential election. The dollar's recent strength is linked to tempered expectations of Fed rate cuts. Meanwhile, the yen weakened ahead of major events in Japan.
On Friday, the dollar stabilized as investors keenly awaited the U.S. jobs report, poised to confirm the economy's robustness ahead of the Federal Reserve's policy meeting and the closely contested presidential election.
Economists expect an addition of 113,000 jobs in October, though recent hurricanes could skew the numbers. Analysts argue that even if headline figures miss estimates, the unemployment rate—predicted to be 4.1%—will offer a clearer picture of labor market health.
The dollar index rose 0.2%, bolstered by investor sentiment that downplayed aggressive Fed rate cuts. Elsewhere, the yen softened amid cautious comments from Bank of Japan's Governor and upcoming risk events. Meanwhile, concerns over the U.K.'s economic policies pressured the sterling.
(With inputs from agencies.)
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