Against the yen, the dollar was down 0.4% to 148.94, after having risen more than 1% against the Japanese currency last week. "I think the assumption will be that if we're going to have a government shutdown, we won't have the payrolls numbers. "The Fed meeting is not till the end of October. So I guess the working assumption will be that if we go into a shutdown, hopefully it won't last sufficiently long. A run of resilient U.S. economic data in recent times has pushed back against expectations of aggressive Fed rate cuts, with markets now pricing in about 40 basis points of easing by December.