According to Jinshi Data, Claudio Wewel, strategist at J. Safra Sarasin Sustainable Asset Management, said that the U.S. dollar strengthened significantly in the first half of October. The strength of the U.S. dollar largely reflects the recent stronger-than-expected U.S. economic data.

That triggered a sharp revision in market expectations for U.S. rate cuts. Investors also bought the dollar ahead of the U.S. presidential election as the outcome looked uncertain.