On Friday, the dollar index maintained its recent gains to rise above 112, supported by a steady stream of hawkish comments from Federal Reserve officials, as investors awaited the crucial monthly jobs report that may influence the central bank’s monetary policy decision in November. It is anticipated that the nonfarm payrolls report, which is due later in the day, will reveal that the US economy added 250,000 jobs in September. An unexpectedly strong reading would support speculations for additional monetary tightening and spark another dollar spike. President of the Cleveland Fed Bank Loretta Mester stated that the Fed must be “singularly focused on inflation,” reiterating previous central bank officials’ statements that they are unwaveringly dedicated to driving down inflation with additional rate hikes, even at the expense of increased prices.
