According to Jinshi Data, the dollar remained stable ahead of US employment data and the US presidential election. Francesco Pesole, an analyst at ING Group, said that the US JOLTS job vacancy data could distract the market from the November 5 election.
He noted that signs of a weakening job market could prompt the market to price in further interest rate cuts from the Federal Reserve. However, if U.S. economic data does not deteriorate, the dollar should appreciate ahead of the election.
“We remain positive on the dollar and would not be surprised to see the dollar index approach 10 on election day,” Pesole added.