NEW YORK: The dollar advanced against several major currencies on Wednesday, as results so far for the midterm elections showed little evidence of a “red wave” resounding Republican victory that some expected, leaving investors to focus on upcoming inflation data.
Republicans made modest gains in US midterm elections but Democrats performed better than expected, leaving control of the US Congress and the future of President Joe Biden’s agenda unclear on Wednesday morning.
The euro was 0.3% lower against the dollar at $1.004, while the greenback was up 0.34% against the yen.
Sterling fell 1.24% against the dollar to $1.1393, on pace to snap a three-day winning streak as investors fretted over the currency’s inability to breach the $1.16 level the day before. Investors remain on edge ahead to British finance minister Jeremy Hunt’s planned fiscal statement on Nov. 17, with indications there will be a squeeze on public spending and potentially higher taxes.
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