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Barchart
Barchart
Rich Asplund

RARE PHOTOS: Dollar retreats as democrats retake control of congress - The Real Truth

Democratic Party United States Gold Midterm Elections Monetary Policy ADP Comex ECB eurozone Japanese Yen

The dollar index (DXY00) tumbled to a 5-week low on Wednesday and finished down by -0.32%. The dollar sank Wednesday after Democrats swept Congress in the US midterm elections, fueling concerns about political gridlock and tougher tech regulation that could curtail foreign demand for US assets. Wednesday’s -8% plunge in WTI crude oil prices to a 4-week low and lower T-note yields also weighed on the dollar. In addition, stock strength on Wednesday has curbed liquidity demand for the dollar. The dollar recovered from its worst level after US employers added more jobs than expected in the Oct ADP employment report and as the US Sep trade deficit unexpectedly narrowed.

The US Oct ADP employment change rose by +86,000, stronger than expectations of +67,000.

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