The markets today witnessed many fluctuations in the financial markets in view of the anticipation of the midterm elections of the US Congress, as well as statements that come about the agreement reached by the European Union with the British on the Brexit.
Today, in the United States, midterm elections are being held in the mid-term of President Donald Trump on 435 seats in the House of Representatives and 35 out of 100 in the Senate in 39 states and counties.
There will also be elections for mayor for a number of states. The official results are due to be announced tomorrow morning but the initial results are expected to have an impact on the movements of the dollar during this period.
The US dollar has fallen since the start of trading today as markets await midterm elections in the United States, amid expectations that Democrats will be able to obtain the majority of the House of Representatives and the Republicans to obtain the majority of the Senate.
Perhaps with the expected split within Congress, we may see a dip in the US dollar, which outperformed its peers this year in the wake of strong US economic growth, and this split may delay the launch of the fiscal stimulus policy next year.
The dollar index fell against a basket of currencies to its lowest level since Friday at 96.15.
On the other hand, the euro rose against the dollar to its daily high of 1.1437 to test a strong resistance zone at 1.1440 and a downtrend line on daily chart. Sterling hit its highest level since October 19 near the 1.31 level in the wake of positive news about near agreement on the Brexit.
With the exemptions received by major buyers of Iranian oil, oil prices fell to a seven-month low of $ 62.50 a barrel, and if prices stabilized below $ 63, we may see prices fall to $ 55-60 per barrel.
