Dollar down against major currencies after the midterm elections
2018-11-07 09:09 am | Resource: News | No Views : 114
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
Time frame Used - four hours The USDJPY is moving in a sideway direction in the near term. The USDJPY is still facing resistance and selling pressure around the resistance level of 108.55 and is still suffering from signs of weakness and low volatility for the USD/JPY pair despite its consolidation above the 106.80 level , and the USD/JPY is unable to surpass the Bollinger's moving average line. In view…
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