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U.S. Dollar Steady as Midterm Elections Kickoff

11/7/2018, 10:42:21 AMTrading Strategies
U.S. Dollar Steady as Midterm Elections Kickoff

The dollar was steady as investors paused, while U.S. midterm elections kicked off.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, inched up 0.02% to 96.10 as of 10:53 AM ET (15:53 GMT).

Midterm elections kicked off on Tuesday, with opinion polls showing the Democratic Party could win control of the House of Representatives, while the Republican Party is likely to hold onto the Senate.

Preliminary results are expected during evening hours and final results are in the early morning on Wednesday.

The number of job openings in September decreased, according to data released on Tuesday. Still, the chances of a Federal Reserve rate hike in December are at 90.8%. The Fed kicks off a two-day policy meeting on Wednesday, but no policy change is expected.

The dollar rose against the Japanese yen, with USD/JPY up 0.14% 113.34. The Canadian dollar was lower, with USD/CAD rising 0.14% to 1.3128.

Elsewhere, sterling hit two-week highs amid optimism of a Brexit deal. Britian’s Brexit secretary Dominic Raab said "Thumbs up" on his way out of a cabinet meeting to discuss Brexit negotiations, boosting hope that a deal has been reached.

GBP/USD was up 0.28% to 1.3077, not far from earlier high of 1.3096. The euro inched forward with EUR/USD up 0.06% to 1.1414.

Meanwhile, the Australian dollar was higher, with AUD/USD gaining 0.11% to 0.7219 and NZD/USD increasing 0.39% to 0.6669.