{
  "id": 18171849,
  "title": "Euro holds gains as US Dollar weakens following midterm elections",
  "url": "https://urgent.news/2026/11/04/euro-holds-gains-as-us-dollar-weakens-following-midterm-elections",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-04T18:22:26.000Z",
  "source": {
    "name": "FXStreet",
    "slug": "fxstreet",
    "url": "https://www.fxstreet.com/news/euro-holds-gains-as-us-dollar-weakens-following-midterm-elections-202611041822"
  },
  "original_language": "en",
  "account": "On Wednesday, the Euro experienced gains against the US Dollar as the Greenback weakened following the midterm election results in the United States. The pair initially surged to an intraday high of 1.1273 before easing from that level due to resilient economic data from the United States bolstering the Dollar. By the time of writing, EUR/USD was trading around 1.1235, marking a 0.35% increase for the day. Democrats' victory in both houses of Congress raised concerns about potential political gridlock in Washington and led to heavy selling of the US Dollar. The US Dollar Index (DXY), which gauges the Dollar's strength against a basket of six major currencies, fell to 101.45, a 0.40% decline from its weakest level since September 30. Meanwhile, crude oil prices experienced a sharp decline as traders speculated that a Democratic-controlled Congress might limit funding for the Trump administration's military campaign against Iran and heighten the pressure to end the conflict. West Texas Intermediate (WTI) was trading around $87 a barrel, a 9% decrease for the day. This drop in oil prices could provide some relief to the Eurozone economy by reducing energy import costs and alleviating inflationary pressures globally. However, the unresolved conflict keeps Oil prices vulnerable to significant fluctuations. Economic data from the United States included an ADP report revealing private-sector employment increased by 86K in October, surpassing the expected 69K, while the Revised September gain was adjusted to 86K from the previously reported 90K. The ISM Services Purchasing Managers Index (PMI) also decreased to 54.5 from 54.9, slightly below the forecasted 54.8 but still indicating expansion. Policymakers at the Federal Reserve (Fed) maintained their hawkish stance, aiming to bring inflation back to the central bank's 2% target. According to the CME FedWatch Tool, there is an 80% chance of another rate hike in December. Market participants are now focusing on the weekly US Initial Jobless Claims on Thursday and Nonfarm Payrolls (NFP) on Friday. In the Eurozone, preliminary October inflation data released earlier in the day suggests a possible December rate hike by the European Central Bank (ECB). The headline inflation increased to 4.0% year-over-year from 3.8%, while core inflation remained at 2.5%, both figures above the ECB's 2% target. ECB policymaker Klaas Knot warned on Tuesday that \"core inflation, second-round effects will likely pick up,\" indicating that the central bank might need to overshoot the 2% goal more frequently.",
  "summary": "EUR/USD trades on the front foot on Wednesday, supported by broad US Dollar (USD) weakness following the US midterm election results. However, the pair eases from an intraday high of 1.1273 as resilient US economic data helps the Greenback regain some ground.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Investing.com",
        "title": "Dollar slips to over one-month low on U.S. midterm results, mixed economic data",
        "url": "https://urgent.news/2026/11/04/dollar-slips-to-over-one-month-low-on-u-s-midterm-results-mixed",
        "published": "2026-11-04T19:29:45.000Z"
      }
    ]
  },
  "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."
}