The labor market report on Friday had no lasting negative impact on the US dollar. The abysmally low number of new jobs created did not harm the dollar because (a) the unemployment rate did not surprise on the downside and (b) there were enough special effects to explain a downward deviation of the nonfarm payrolls figure, without the US labor market having to be assumed to be in freefall, Commerzbank’s Head of FX and Commodity Research Ulrich Leuchtmann notes. The key driver is the upcoming US election “Depending on which of the announcements made by Donald Trump and his cronies are taken seriously, the US economy could soon look quite different if he wins the election. The key driver is therefore tomorrow's US election. The polls published over the weekend have probably shaken the certainty with which some market participants may have bet on Trump's victory. At least the greenback has weakened significantly with and since the start of trading in Asia.”