Dollar poised for largest weekly gain since April, jobs report in focus
SINGAPORE - The dollar hung around a six-week high on Friday, set for its biggest weekly gain since April due to safe-haven demand on rising Middle East tensions.
For the payrolls data, economists polled by Reuters expect 140,000 job additions, while the unemployment rate is anticipated to stay steady at 4.2%. The euro was steady at $1.1034 having dropped 1.18% so far this week, while sterling was nursing losses after sliding 1% on Thursday following dovish comments from Bank of England Governor Andrew Bailey.
Markets are pricing in a 33% chance of the Fed cutting interest rates in November by 50 basis points , down from 49% last week, the CME FedWatch tool showed. The Fed cut interest rates last month by 50 bps. Investor focus this week has been on the escalating tensions in the Middle East, with oil prices soaring and risk sensitive currencies sliding.
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