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Currency Market Analysis

Global Themes

The U.S. dollar recovered from its election night hangover as focus turned to the Federal Reserve. The dollar firmed Thursday against most rivals but was broadly little changed. The dollar slid after America’s midterm vote saw Republicans lose their congressional monopoly. The Democrats taking the House cast some doubt on the president’s agenda of bold fiscal stimulus, suggesting less octane for U.S. growth and perhaps fewer interest rate hikes from the Fed. The dollar bounced today though as economic and political risks remained elevated across the Atlantic, weighing on the euro and sterling.

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