Swissquote Bank analyst Ipek Ozkardeskaya said in a report that the dollar fell slightly on investor bets on further interest rate cuts by the Federal Reserve this month. Nonfarm payrolls data released on Friday showed job growth improved in November, wages rose but the unemployment rate unexpectedly rose.

Ozkardeskaya said the data strengthened market expectations that the Federal Reserve will cut rates by 25 basis points at its December meeting. At the same time, those expectations support a weakening dollar despite investors seeking safe-haven assets amid global political turmoil. LSEG data shows the market currently sees an 85% probability of a 25 basis point cut in December.

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