Dollar will struggle to continue rising unless there is a clear NFP surprise – Commerzbank

In the opinion of Commerzbank economists, it seems unlikely that the dollar will continue to gain ground unless the employment report for October surprises significantly on the upside.

Now it depends even more on the data

“The Fed has made it clear that a reduction in the pace of interest rate hikes is possible, but only if data permits. Against this background, today’s labor market report is likely to be of more interest.”

“We expect another very strong job creation, around 220,000 jobs. However, after the dollar has made significant gains in recent days, it should gradually become difficult to make more gains. Therefore, the labor market report probably it would have to be a very clear positive surprise to push the USD further.”