{
  "id": 18057438,
  "title": "Dollar dips with US midterm results in focus",
  "url": "https://urgent.news/2026/11/04/dollar-dips-with-us-midterm-results-in-focus",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-04T02:09:00.000Z",
  "source": {
    "name": "Straits Times Business",
    "slug": "straits-times-business",
    "url": "https://www.straitstimes.com/business/dollar-dips-with-us-midterm-results-in-focus"
  },
  "original_language": "en",
  "account": "On November 4, the US dollar experienced a decline against most major currencies, as investors anticipated the outcomes of the US midterm elections. The initial results began to emerge, with Democratic Senator Jon Ossoff winning re-election in Georgia. The uncertainty of whether Democrats could seize control of Congress from Donald Trump's Republicans was still uncertain, hours away from a definitive decision.\n\nThe euro strengthened by 0.2% to US$1.1212, while the yen increased to 158.30 per US dollar in early trading. The dollar index, which gauges the greenback against a basket of six currencies, dropped 0.2% to 101.7. The yield on the benchmark US 10-year Treasury note decreased by 4 basis points to 4.919%.\n\nCarol Kong, a currency strategist at Commonwealth Bank of Australia, expressed confidence that Democrats were favored in the midterm elections, predicting they would gain control of both the House and the Senate. If this occurred, Kong believed the US dollar would continue to depreciate, as a Democratic sweep would restrict government spending during Trump's term.\n\nAt 7.30 pm ET (8.30am Singapore time), US media outlets had projected winners in a few House races following the closing of polls in ten states, while voting continued across the majority of the country. Kong noted that investors were also watching the risk of an escalation in the Middle East, influenced by the election result. Should the Republicans lose control of the House and the Senate, Trump had indicated his intention to restart a bombing campaign in Iran. This potential escalation could result in oil prices surging, bolstering the US dollar.\n\nOil prices remained relatively unchanged at US$103.85 a barrel after a 1% decrease on November 3, reaching the lowest level in nearly four weeks. The market considered the possibility of an end to wars in Iran and Ukraine, juxtaposed with concerns that recent attacks in both conflicts could disrupt supplies further. The British pound edged higher to US$1.3440, with traders anticipating the Bank of England's policy announcement on November 5, which was expected to raise interest rates for the first time since August 2023.\n\nChina's offshore yuan closed at 6.6673 per dollar, stabilizing after experiencing its largest one-day decline since May 15 on November 3. This decline occurred following the People's Bank of China's decision to increase the amount of foreign currency financial institutions must hold in reserve, aimed at slowing the yuan's rally.",
  "summary": "The dollar index edged down 0.2% to 101.7.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "FXStreet",
        "title": "Breaking: US Dollar falls below 101.50 as early midterm results point to Democratic gains",
        "url": "https://urgent.news/2026/11/04/breaking-us-dollar-falls-below-101-50-as-early-midterm-results-point",
        "published": "2026-11-04T01:46:27.000Z"
      },
      {
        "outlet": "Free Malaysia Today",
        "title": "Dollar dips with US midterm results in focus",
        "url": "https://urgent.news/2026/11/04/dollar-dips-with-us-midterm-results-in-focus-18058738",
        "published": "2026-11-04T02:12:40.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}