Dollar Climbs Amid Robust Jobs Data, Bitcoin Surges Ahead of Election

The dollar slightly increased following stronger-than-expected private sector jobs data, while Bitcoin nearly hit a record high. This rise was driven by increased investor bets on a Trump victory in the upcoming U.S. presidential election. Conversely, the British pound fell as the Labour government announced its first budget.

The dollar made gains on Wednesday following unexpectedly strong private sector jobs data, although it remains shy of a three-month peak. Meanwhile, Bitcoin is nearing a record high, bolstered by increased trader confidence in a Trump victory in the upcoming presidential election.

The U.S. dollar index, which pits the greenback against six major currencies, climbed 0.16% to 104.41. The boost came after robust U.S. private payroll growth despite potential disruptions from hurricanes and strikes, indicating resilience in the job market and economy.

On the UK front, the pound slid by 0.42% after Finance Minister Rachel Reeves delivered the Labour government's inaugural budget. The move came amidst falling British bond yields as the government aims for stringent fiscal policies to boost investor confidence in Britain.

(With inputs from agencies.)