Fears that the meteoric rise in stocks and commodities prices is creating another asset bubble have investors debating whether to pull back now or ride the rally until the bubble bursts next year when the Fed starts raising interest rates.

The dollar is likely to trade higher in the week ahead, with Friday's worse-than-expected U.S. non-farm payrolls data for October seen as the driving force for currency markets at least until mid week.

For President Barack Obama, the report that showed that the unemployment rate hit 10.2 percent last month gives opponents a chance to score some easy points.

The dollar and yen rose Friday after a report showed the U.S. unemployment rate spiked and the economy lost more jobs than expected, stoking concerns about the U.S. economy and restoring safe-haven demand for both currencies.

Resurging expectations of yuan appreciation have made dollars more scarce in China's foreign exchange market, tripling six-month dollar funding costs and creating new complications for Beijing's stable yuan policy.

Oil prices fell 1 percent on Thursday, as doubts about the pace of economic recovery dented optimism toward a rebound in fuel demand.

The dollar held steady against a basket of currencies Thursday, a day ahead of a key government jobs report that will shed light on the health of the U.S. economy.

As more nervousness creeps into the US stock market, investors are sharpening their look at overseas opportunities where growth is outpacing the US recovery.

The "mother of all carry trades" that Nouriel Roubini warned of recently is growing and threatening to cause a global implosion, the economist warned in a CNBC interview.

The value of gold and silver are on the rise, but this spells trouble for the declining dollar index which could push as low as 66 points, according to Chris Zwermann, strategist from Zwermann Financial.

Spot gold ran to a record high above $1,090 per ounce on Wednesday, latching on to a weaker dollar with continued support from the IMF's sale of gold to India's central bank.

Oil prices rose 1 percent on Wednesday, extending the previous session's gain, after a U.S. government report showed a surprise decline in crude stocks in the world's largest consumer.

The dollar fell in choppy trading against the euro Wednesday after the Federal Reserve left interest rates steady, as expected, and said it intends to keep interest rates low for some time.

The U.S. dollar rose to a one-month high against a basket of currencies Tuesday as concerns about the global banking sector and weaker equity markets boosted the greenback's safe-haven appeal.

After an upside-down fall, there's little reason to doubt that the normally positive months of November and December will also defy expectations and move lower.