Fed rate hopes weigh on dollar, stocks fall ahead of US jobs data

Another positive inflation data release out of the United States added to expectations that the US central bank will take a lighter approach to lifting borrowing costs at its December meeting.

A report showing factory activity shrinking in November added to the sense that the Fed moves were kicking in. The greenback was under particular pressure from the yen Thursday, having hit a three-decade high in October, while sterling and the yuan were also well up from the record lows touched recently.However, several Fed officials including Powell have lined up to warn that rates will continue to rise and stay elevated, with the possibility of no cut until 2024.

The figures will provide the most recent snapshot of how the world's top economy is faring in light of the higher rates and four-decade-high inflation.

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