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Investors await preliminary U.S. jobs data revisions

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Odds of 50 basis point Fed cut in September at 12%

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Gold hits record high on Fed cut wagers

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Political developments in focus for EUR, JPY

(Updates to Europe morning, adds comment)

By Gregor Stuart Hunter and Jaspreet Kalra

SINGAPORE/MUMBAI, Sept 9 (Reuters) - The dollar wallowed

close to a seven-week low on Tuesday as investors braced for

U.S. data revisions that could point to a jobs market in worse

shape than initially thought, shoring up the case for even

deeper Federal Reserve interest rate cuts.

The dollar weakened 0.2% against the Japanese yen

to 147.21, while sterling was up 0.1% at $1.3558. The

euro slipped to $1.1752 after touching its strongest

level since July 24.

Against a basket of peers, the dollar slipped to a

low of 97.25, its lowest since late-July, ahead of the release

of preliminary benchmark revisions for jobs data covering the

period from April 2024 to March 2025.

Economists anticipate a downward revision of as much as

800,000 jobs, which could signal that the Fed is behind the

curve in efforts to achieve maximum employment.

Traders' expectations of more aggressive Fed easing are

gradually increasing. Money markets have fully priced in a

25-basis point cut, and the odds of an outsized 50-basis point

reduction have drifted higher to nearly 12% as well, per CME's

FedWatch tool.

Current money market pricing indicates quite a bit of doubt

around the Fed actually opting for a 50-basis point cut, but if

the revisions are meaningful it may add to the case for a bigger

step, said Kenneth Broux, head of corporate research for FX and

rates at Societe Generale.

Advisers to the Trump administration are preparing a report

laying out the alleged shortcomings of the Bureau of Labor

Statistics, which they may publish in coming weeks, The Wall

Street Journal reported on Tuesday, citing unnamed sources.

Burgeoning expectations of policy easing by the Fed have

also helped lift the spot gold price to a record high of

$3,659.10 per ounce on Tuesday.

Among other currencies, the Norwegian crown

advanced about 0.2% each against the dollar and the euro

after Norway's minority Labour Party government won

a second term in power on Monday.

Political developments across Tokyo to Buenos Aires are

likely to stay in focus for investors after the resignation of

Japanese Prime Minister Shigeru Ishiba, the ouster of French

Prime Minister Francois Bayrou and the abrupt removal of

Indonesia's finance chief, all over the past few days.

"While the political uncertainty is an unfavourable

development, we continue to believe that it is unlikely to be

sufficient on its own to trigger a weaker euro," Lee Hardman,

senior currency analyst at MUFG said in a note.

Later this week, the European Central Bank is widely

expected to keep rates unchanged at its policy meeting on

Thursday.

Economists were split last month on the likelihood of

further rate reductions by the ECB, but sentiment has shifted

with recent data showing inflation holding close to the 2%

target and unemployment at a record low.

Meanwhile, the Indonesian rupiah weakened 0.8% after the

government replaced its finance minister on Monday. Bank

Indonesia was seen buying longer-dated government bonds on

Tuesday in an attempt to stabilise the market, according to two

traders.