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Dollar Could Rise on Strong U.S. Jobs Data but Focus Remains on Elections

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Dollar Could Rise on Strong U.S. Jobs Data but Focus Remains on Elections

U.S. monthly jobs data for October at 8:30 a.m. Eastern Time could boost the dollar, although investors’ main focus remains on next week’s U.S. presidential elections, Danske Bank’s Mohamad Al-Saraf said.

Analysts in The Wall Street Journal’s poll forecast 100,000 additional jobs in October after a rise of 254,000 the previous month. A stronger-than-expected report could “modestly” lift the dollar, Al-Saraf said.

Any reaction will be limited, however, because the data were likely distorted by the impact of extreme weather events and focus will quickly return to the elections. Opinion polls still show a very tight race and the result is too close to call.

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