Dollar steady as yen gains on US equity rout ahead of payrolls report
The dollar held near 101.55 while the yen firmed as US stocks slid after a Democratic sweep in Congress. Traders now await Friday's payrolls data.
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what happened
The dollar was little changed against major currencies on Friday as a sharp sell-off in US equities pushed investors toward havens. According to Reuters, the Nasdaq suffered its deepest one-day drop since April 2025 on Thursday after Democrats swept Congress. Worries about tighter scrutiny of artificial intelligence, especially data centre construction, have unsettled global markets this week.
The yen rose 0.2% to 157.40 per dollar, a one-week high, before giving back part of the gain, while the Swiss franc firmed 0.2%. The dollar index, which tracks the greenback against six peers, was roughly flat at 101.55. The 10-year Treasury yield fell to 4.84% in Asian trade, near its lowest since September 10, and the two-year yield dropped about 10 basis points to 4.47%. Fed funds futures cut the odds of a 25-basis-point hike in December to around 70% from over 80% on Wednesday.
The euro was flat at $1.1222 but set for a 0.5% weekly gain. Sterling rose 0.1% to $1.3457 after the Bank of England raised rates, as widely expected. Attention now turns to Friday's US non-farm payrolls report. Thursday's data were firmer than expected, with initial jobless claims down 6,000 to 189,000, matching a 57-year low from July and below the 196,000 Reuters poll estimate.
why it matters
The key question for markets is how the Fed rate path shifts. Falling Treasury yields weaken the dollar's haven appeal, leaving the yen as the standout hedge against US-centric volatility. Friday's payrolls figures will show whether this move holds.
market impact
Yen and US Treasuries: flight to safety supports the yen and bonds, while the dollar faces pressure
- Yen pressure up — safe-haven demand and possible flows from Japan's GPIF pension fund
- US Treasuries pressure up — risk aversion after the equity sell-off pushes yields lower
- Dollar mixed — lower yields weaken haven demand, but Fed rate expectations still support the currency
tags
instruments
on polymarket
sources
- Dollar holds, yen gains as equity rout saps risk appetite ahead of payrolls — Reuters, 6 November 2026 at 01:20 UTC
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