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Dollar down against major currencies after the midterm elections

2018-11-07 09:09 am | Resource: News | No Views : 57



 The dollar fell broadly against other major currencies on Wednesday after Democrats won control of the House of Representatives while Republicans tightened their grip on the Senate in midterm elections in the United States.

Where US President Donald Trump received MP Nancy Pelosi and congratulated her on the victory of her Democratic Party, NBC reported. Trump used the invitation to call Pelosi to work together and said that "the two parties" is needed in the United States.

In her speech following the announcement of the Democrats' victory in the House of Representatives, Pelosi confirmed she would not work for the removal of Trump, in response to comments that Democrats may challenge the legitimacy of the Trump presidency.

Pelosi, a former speaker of the House of Representatives, is expected to hold the post again. Until 2018, she was the minority leader in the House of Representatives. This mid-year victory means Democrats will control the House for the first time since 2010. Republicans will remain in control of the Senate.

The dollar has been broadly buoyant this year, buoyed by a strong domestic economy, rising interest rates and the impact of US fiscal policy.

The index hit a 16-month high of 96.98 last week, supported by expectations that the Federal Reserve will continue to raise interest rates this year and beyond as the US economy remains strong.
The dollar index, which measures the strength of the dollar versus a basket of six major currencies, fell 0.38% to 95.75.

Dollar trading against currencies
  • The euro was up against the US dollar, with EUR / USD gaining 0.35% to hit 1.1467.
  • The yen was also higher, with USD / JPY shedding 0.23% to 113.17.
  •  GBP / USD rose 0.31% to 1.3140 as expectations for the Brexit deal continued to support demand. 


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USD/JPY Technical analysis 16 November 2018

Time frame Used - four hours The USDJPY is moving in a bearish direction in the near term. The USDJPY managed to control movement  the USDJPY to break the support level around the 113.58 level  down to hit the 113.07 level forming a positive candlestick pattern to bounce back above to test the 113.58 level especially after the release of the US Retail Sales report which showed growth and a…

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