Dollar Index Slips 0.2% to 101.7 as Democrats Show Early Midterm Strength
Updated
Updated · CNBC · Nov 4
Dollar Index Slips 0.2% to 101.7 as Democrats Show Early Midterm Strength
3 articles · Updated · CNBC · Nov 4
Summary
The dollar weakened against most major peers as early U.S. midterm results pointed to a solid Democratic night, with the euro up 0.2% at $1.1212 and the yen strengthening to 158.30 per dollar.
Jon Ossoff's reelection in Georgia was the first major race called, while strategists said a Democratic sweep of the House and Senate could push the dollar lower by constraining government spending under Trump.
U.S. 10-year Treasury yields fell 4 basis points to 4.919%, reflecting a broader risk reassessment as investors waited for control of Congress to become clearer.
Oil held near $103.85 a barrel after Tuesday's 1% drop, but traders were also watching whether a Republican loss could raise the risk of renewed U.S. military action on Iran and, in turn, support the dollar through higher crude prices.
Sterling edged up to $1.3440 before the Bank of England decision, while the offshore yuan steadied at 6.6673 after Tuesday's sharp drop triggered by Beijing's move to slow its rally.