Forex – U.S. Dollar Pares Back Gains Before Midterm Elections

0 – The dollar was lower after three weeks of gains as investors paused before the U.S. midterm elections.

The US Dollar Index, which measures the greenback’s strength against a basket of six major currencies, decreased 0.18% to 96.37 as of 10:48 AM ET (15:48 GMT).

The U.S. congressional midterm elections are on Tuesday, with opinion polls showing the Democratic Party could win control of the House of Representatives, while the Republican Party is likely to hold onto the Senate.

The dollar fell against the Japanese yen, with USD/JPY down 0.02% to 113.17. The Canadian dollar was also higher, with USD/CAD dipping 0.19% to 1.3084.

Elsewhere, sterling gained amid optimism that a deal between the UK and the European Union will be reached soon. Britain’s financial services minster John Glen said Monday that he is confident the final deal will give the UK financial center access to EU markets.

“There is common ground. That is why we are increasingly positive on the expectation of reaching a deal,” he said.

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