Monday , September 26 2022

US futures, the dollar are in flux as Democrats get seats in the midterm


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The dollar fell back earlier and US futures trimmed gains as projections showed a possible increase that Democrats would take over in the US midterm elections.

The S & P 500 futures cut previous gains to 0.2 percent, while the dollar index measured the greenback against a basket of currencies, down 0.2 percent. The yield on the 10-year bond also edged up to 3.2077 after touching a high of 3.249 percent.

The Congress split – with Democrats taking the House of Representatives and Republicans holding onto the Senate – will limit President Donald Trump's ability to push through changes in taxes and spending or trade policies.

"It seems that it will form a way that most market participants expect to shape," said Brian Levitt, a senior investment strategist at the Oppenheimer Funds. "The possibility that the Democrats will retake the Building is likely to increase – obviously things can change – and the Senate is likely to remain Republican."

The Japanese Yen, which has risen sharply in morning trade in Asia following a projected victory for Democrats in Virginia's tenth district – on track to turn from the Republic – is flat.

See part-time election results directly here.

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