Will Biden Lose Power? This Happened In USD!


 The giant US dollar remained trading weak following a gloomy trading session earlier in the week.

With several factors affecting the market, the main currencies strengthened the gains made from the decline of the US dollar.

The market's focus is now on the mid-term elections in the United States that will take place today.

In this election, all 435 seats in the House of Representatives and 35 of the 100 seats in the Senate will be contested which will determine the 118th US Congress.

Polls so far show that the Democratic Party led by President Joe Biden will lose control of Congress, instead siding with the Republican Party.

Meanwhile, the expectation factor that the Federal Reserve (Fed) will slow down the tightening also pressured the US dollar, even though Chairman Jerome Powell had given a hawkish statement last week.

This followed a string of statements by several other Fed policymakers who suggested a slower rate of tightening and expressed concern about an economic slowdown.

Taking stock of major European currencies, the euro surged to a 2-week high, regaining ground at $1 parity following better-than-expected German industrial production data.

In addition, the pound also climbed higher by taking advantage of the greenback's extensive dollar weakness.