Dollar extends recovery on post-election relief
The dollar rose on Thursday, pulling further away from 2-1/2 week lows hit on Wednesday, as the market breathed a sigh of relief after the US midterm elections and as investors turned their attention toward the Federal Reserve policy meeting.
The Federal Reserve is expected to keep interest rates on hold but signal further tightening in December, Reuters reports.
Analysts said that with the US midterm elections producing no major surprises a central bank sticking to its tightening path should support the dollar, while the euro will likely remain under pressure from concerns about Italian debt.
“The election results were in line with expectations and mean the Fed can go on its way,” said Alvin Tan, FX strategist at Societe Generale, adding that a December rate hike was only 80 percent priced in by the market.
The dollar index .DXY nudged up 0.1 percent to 96.125.
The mid-term elections resulted in a split Congress, with Democrats winning control of the House of Representatives and Republicans cementing their majority in the Senate, and the results were largely cheered by a rallying Wall Street.
The euro was largely unmoved ahead of a report from the European Commission that is expected to highlight the country’s 2019 deficit may be much higher than suggested by Italy. Rome remains locked in a dispute with European officials over its budget spending plans.
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