The US Dollar is extending its five-day rally, powering into the critical 100.35–100.50 resistance zone—a level that repeatedly halted upside attempts earlier in May, August, and early November. The latest boost comes from the hawkish tone found in the Federal Reserve’s newly released meeting minutes, which has strengthened the Greenback at a crucial moment.

Investors are dialing back expectations of a December rate cut, after the minutes revealed a sharper-than-expected split within the FOMC. Despite the Fed trimming rates by 25 basis points on October 29, “many” policymakers opposed the move, casting doubt on whether further easing is likely next month.

The US Dollar also surged to a 10-month high against the Japanese Yen, fueled by reports that Prime Minister Takaichi’s cabinet is preparing a massive ¥20 trillion (USD 129 billion) stimulus package, reigniting concerns about Japan’s long-term fiscal stability.

Attention now turns to Friday’s delayed US Nonfarm Payrolls report for September. Economists expect 55,000 new jobs, a rebound from August’s modest 22,000 gain, though still well below the 2024 average.
The upcoming NFP release may become the decisive catalyst for the Dollar’s next move—either confirming its bullish breakout or forcing a pullback from the long-held resistance line.