From MercoPress · · 50s
Markets react to US midterms: dollar falls, gold rises
Dollar weakens as gold climbs after Democratic election win.
In brief
Dollar weakens as gold climbs after Democratic election win. The US dollar fell against major currencies and gold rose over 2% to above $4,000 an ounce following Democratic victory in US midterms. Originally reported by MercoPress.
Dollar index falls
The dollar index, which measures its value against a basket of currencies, remained in negative territory near 101.50.
Gold rises after election
Gold rose more than 2% to above US$4,000 an ounce as markets assessed the Democratic victory in the midterm elections.
Dollar weakens against key currencies
The dollar's biggest fall was against the Swiss franc at 0.4%, with the euro briefly rising above US$1.1250 before easing to 1.1230.
Analysts warn of market pressure
Commerzbank analysts warned that US equities, particularly the tech-heavy Nasdaq, are likely to face pressure due to dollar weakness.
The takeaway
The US dollar fell against major currencies and gold rose over 2% to above $4,000 an ounce following Democratic victory in US midterms.
