The dollar index (DXY00) fell to a 5-week low and was down 0.40% today after Democrats swept Congress in the US midterm elections. Concerns about political gridlock and tougher tech regulation could curtail foreign demand for US assets, and the article also mentions a slide in WTI crude, though the text is cut off.
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- Dollar Retreats as Democrats Retake Control of Congress
The dollar index (DXY00) fell to a 5-week low on Wednesday and finished down 0.32%, after Democrats swept Congress in the U.S. midterm elections. The article says the result raised concerns about political gridlock and tougher tech regulation, which could reduce foreign demand for U.S. assets.
- Stocks and dollar drop as Democrats enjoy big early wins
Asian stocks and the dollar fell on Wednesday as the Democrats built big early leads in the US midterm elections, aiming to take control of both the House and the Senate. The vote was seen as a referendum on Donald Trump's presidency, amid public anger over surging petrol prices, tariffs and the Iran war. The Democrats' capture of North Carolina brought them closer to overcoming the Republicans' 53-47 Senate majority, while Polymarket put their chances at 100 percent for the House and 99 percent for the Senate. Analysts warned that a divided Congress would mean little gets done, weighing on the dollar and Treasury yields, and Trump threatened to be 'Mr Veto' and block Democratic legislation. In Tokyo, the market lost more than three percent and chipmaker Kioxia plunged more than 13 percent as investors fretted over when AI spending would pay off.
- Buy the Canadian Dollar as Democrats Sweep the House and Senate
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- A Dem Sweep Could Get the Bond Market's Attention
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- Gold Jumps Over 3% After Democrats' Sweeping Midterm Victory
Spot gold rose 3.4% to 4,061.30 USD/ounce and spot silver gained 5.1% to 52.29 USD/ounce on November 4, as the US dollar weakened after the midterm elections, where Democrats were forecast to win control of the House of Representatives. The USD Index fell about 0.3%, US stocks rallied as political risk eased, while Treasury yields and oil prices declined. StoneX's Rhona O'Connell said that if Democrats control both chambers of Congress, gold could be supported as rates and the dollar are likely to face downward pressure, though this could bring fiscal policy standoffs and institutional conflicts. Capital.com's Daniela Hathorn said the recovery remains fragile, since geopolitical instability does not automatically translate into safe-haven demand, and gold and silver could be sold off during sharp stock declines as investors liquidate profitable or easily convertible assets. Gold is down more than 6% and silver about 26% year-to-date, after rising 66% and 135% in 2025.
- Dollar Also Sinks As Democrats Rack Up Wins
The U.S. Dollar Index fell 0.44% to 101.42 as the blue wave expanded.
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