Economic news

Dollar retreats vs major peers, Democrats on track to win elections

The dollar declined against the euro and yen on Wednesday as investors digested U.S. midterm election results for early insights into the prospect of Democrats' ability to thwart the president's agenda.

Photo: Reuters

The dollar index sank 0.2 percent to 96.12 .DXY. The U.S. currency has firmed against its key peers so far this year, enjoying a strong domestic economy and higher interest rates, with traders focused on whether the mid-terms could impact on this trend.

The euro rose slightly to trade at $1.1440 against the dollar, sliding from its intraday peak of $1.1473. The common currency hovered nearly 1.1 percent above this year’s low of $1.1301 touched on Aug. 15.

The greenback skidded 0.07 percent versus the yen, to trade at 113.33. Earlier in the session, the Japanese currency had jumped to 112.95.

Sterling inched up 0.22 percent to $1.3124. Earlier in the session it breached a three-week top of $1.3142.

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