FX.co ★ Dollar Holds Steady as House Approves Funding Bill

The dollar index maintained a level of around 99.5 on Thursday, remaining steady this week after the House of Representatives approved a temporary funding bill to conclude the longest U.S. government shutdown to date. This legislation is anticipated to be signed into law by President Donald Trump, which will enable government functions to resume in the coming days. The resolution of the shutdown will also pave the way for the release of a backlog of economic data, although the White House signaled on Wednesday that the employment figures and Consumer Price Index for October might not be published. Regarding monetary policy, the markets are currently estimating about a 60% likelihood of a 25-basis-point reduction in the Federal Reserve's interest rate in December, down from approximately 67% the previous day. Earlier this week, data from ADP revealed that private sector employers reduced their workforce by about 11,250 jobs per week over the past four weeks ending in October, which has intensified concerns regarding the labor market.