Dollar Drama: The Waiting Game Before U.S. Jobs Report

The dollar steadied against major currencies as investors awaited the U.S. jobs report, which could confirm economic resilience before the Fed's monetary policy meeting and the upcoming election. The dollar experienced significant monthly gains in October, influenced by shifting Fed rate cut expectations and election prospects.

The U.S. dollar held firm against major currencies on Friday as investors anticipated the U.S. jobs report. This data is expected to confirm economic resilience just ahead of the Federal Reserve's monetary policy meeting and the upcoming presidential election.

In October, the dollar recorded its most substantial monthly gains in over two years. This surge was driven by revised expectations regarding the Federal Reserve's rate cuts and the U.S. election outlook. Despite potential deviations in the jobs report due to recent hurricanes, analysts suggest that any market reaction will be short-lived.

Meanwhile, the yen slipped against the dollar, partially due to domestic traders' caution prior to Japan's extended weekend. Comments from the Bank of Japan Governor hinted at a possible rate hike in December, impacting the currency. Globally, the euro and sterling displayed minor fluctuations, while bitcoin's price hovered around $69,544.

(With inputs from agencies.)