{"id":15594,"date":"2024-11-01T03:12:19","date_gmt":"2024-11-01T03:12:19","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=15594"},"modified":"2024-11-01T03:12:19","modified_gmt":"2024-11-01T03:12:19","slug":"dollar-steady-eyes-on-jobs-and-elections","status":"publish","type":"post","link":"https:\/\/www.global-vtrader.com\/en\/analysis\/dollar-steady-eyes-on-jobs-and-elections\/","title":{"rendered":"Dollar Steady, Eyes on Jobs and Elections"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><em>Listen to the article here:<\/em><\/p>\n\n\n\n<figure class=\"wp-block-audio\"><audio controls src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2024\/11\/15594.mp3\"><\/audio><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Key points:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The dollar index (DXY) rose slightly to 103.91 as traders focus on upcoming US jobs data and Fed policy expectations.<\/li>\n\n\n\n<li>The yen held firm after the Bank of Japan&#8217;s slightly less dovish stance, with the dollar-yen pair steady at 152.02.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\" \/>\n\n\n\n<p class=\"wp-block-paragraph\">The dollar stabilised on Friday, maintaining strength against major currencies as traders await the US nonfarm payrolls report. Expected to add 113,000 jobs in October, the jobs data could reflect economic resilience but may be complicated by recent hurricanes.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2024\/11\/image-2-1024x470.jpeg\" alt=\"\" class=\"wp-image-15597\" style=\"width:1450px;height:auto\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><em>See: The 4-hour USDX chart shows a minor 0.07% uptrend, closing at 103.850 with momentum fading near the 104.495 high as seen on the <a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\">VT Markets app<\/a>.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Market participants are closely watching this report to gauge the labour market\u2019s health ahead of the Federal Reserve&#8217;s policy meeting next week. The unemployment rate, projected at 4.1%, may offer a clearer insight into the labour market\u2019s performance, potentially challenging expectations for a rate cut by the Fed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>See also: <a href=\"https:\/\/www.vtmarkets.com\/analysis\/gold-steadies-pending-key-u-s-jobs-report\/\">Gold Steadies Pending Key U.S. Jobs Report<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>Yen Strengthens as BOJ Signals Cautious Stance on Future Rate Hikes<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In Japan, the yen retained its recent gains as the Bank of Japan (BOJ) signalled a slightly more cautious stance. The BOJ\u2019s shift could suggest room for future rate hikes, potentially as early as January, if inflation and dollar-yen trends align favourably. Currently, the dollar-yen exchange rate holds around 152.02, as traders digest the BOJ\u2019s new tone.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, the euro hovered near a two-week high against the dollar, supported by data showing unexpected inflation acceleration in the eurozone. However, the euro eased slightly to $1.0882. In contrast, the pound continued to struggle, down to $1.2891, as traders react to new tax hikes introduced by UK finance minister Rachel Reeves.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Eurozone inflation hit 2% in October, exceeding forecasts and up from September&#39;s 1.7%, driven by services and food prices. <br><br>Germany witnessed unexpected price increases. The euro strengthened.<a href=\"https:\/\/t.co\/jnsCtpqci6\">https:\/\/t.co\/jnsCtpqci6<\/a><\/p>&mdash; euronews (@euronews) <a href=\"https:\/\/twitter.com\/euronews\/status\/1851960415984517369?ref_src=twsrc%5Etfw\">October 31, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>US Election Outcome Looms as Potential Driver of Dollar Volatility<\/strong> <\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Looking ahead, the outcome of the US presidential election next Tuesday could drive dollar volatility. With Republican candidate Donald Trump and Democratic Vice President Kamala Harris close in the polls, market participants are weighing how each candidate&#8217;s policies might impact the dollar. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Trump\u2019s stance on tax cuts, deregulation, and tariffs could push inflation higher, potentially slowing the Fed\u2019s pace on policy easing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In digital assets, bitcoin held at $70,132, reflecting stable interest amid the uncertainty surrounding traditional markets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Start trading now \u2014 click <\/strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/?utm_campaign=account_c&amp;utm_source=dma&amp;utm_medium=website\"><strong>here<\/strong><\/a><strong> to create your live VT Markets account.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The dollar holds steady as traders await the US jobs report and presidential election, both set to influence Fed monetary policy decisions. &#8211; vtmarkets.com <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[27],"tags":[28,12],"class_list":["post-15594","post","type-post","status-publish","format-standard","hentry","category-analysis","tag-dollar","tag-forex"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15594","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/comments?post=15594"}],"version-history":[{"count":0,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15594\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/media?parent=15594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/categories?post=15594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/tags?post=15594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}