Dollar Holds Steady as U.S. Jobs Report Looms

The dollar maintained stability as investors prepared for the U.S. jobs report, potentially affirming a strong economy before the Federal Reserve policy meeting and upcoming presidential election. October marked the dollar's best performance in over two years, amidst adjusted expectations for significant Federal Reserve rate cuts.

The dollar maintained its position on Friday, as market participants awaited critical U.S. jobs data that could confirm the nation's economic resilience. This precedes important events including the Federal Reserve's monetary policy meeting and a closely contested presidential election.

October proved to be a strong month for the dollar, with a notable 3.1% increase—the highest since September 2022. Analysts attribute this surge to reduced expectations of drastic rate cuts by the Federal Reserve.

Economic forecasts predict 113,000 jobs added in October, but external factors like hurricanes might influence these figures, according to experts. Meanwhile, the yen softened, and other currencies like the euro and sterling showed varied performances, against the backdrop of shifting economic indicators and geopolitical events.

(With inputs from agencies.)