Dollar slides as US election drives oil and Treasury yields lower; sterling gains
The dollar slid to the lowest in more than a month on Thursday in the aftermath of an overwhelming victory by Democrats in US midterm elections, which sent oil prices and Treasury yields lower.
The yen gained after minutes from the Bank of Japan's September meeting reinforced bets for further interest-rate hikes, while sterling rose toward a seven-week high ahead of a Bank of England policy decision, at which another rate increase was expected.
The dollar index, which measures the greenback against a basket of currencies, fell 0.22% to 101.25, extending a 0.34% slide on Wednesday and touching its lowest level since September 30. The euro climbed 0.29% to $1.1261, while the yen strengthened 0.27% to 157.95 per dollar.
The yield on benchmark US 10-year Treasury notes fell 4.5 basis points to 4.847%, the lowest since September 10.
Sterling added 0.12% to $1.349, up for a seventh straight session and poised for its highest close since September 14. The Bank of England is expected to raise rates to contend with inflation pressure from soaring energy costs, although it may push back against investor bets that several more increases will follow next year.
The Bank of Japan meeting minutes from September, when policymakers raised rates to a 31-year high of 1.25%, underscored expectations for further tightening, with some board members signalling a chance of faster increases. Markets now widely expect the BOJ's next hike to come in December.
The Australian dollar edged up 0.07% to $0.7009, while New Zealand's kiwi dollar surged 0.41% to $0.5641.
In cryptocurrencies, bitcoin gained 0.22% to $80,357.66, and ether rose 0.11% to $2,419.79.
Reuters
The dollar slid to the lowest in more than a month on Thursday in the aftermath of an overwhelming victory by Democrats in US midterm elections, which sent oil prices and Treasury yields lower.
The yen gained after minutes from the Bank of Japan's September meeting reinforced bets for further interest-rate hikes, while sterling rose toward a seven-week high ahead of a Bank of England policy decision, at which another rate increase was expected.
The dollar index, which measures the greenback against a basket of currencies, fell 0.22% to 101.25, extending a 0.34% slide on Wednesday and touching its lowest level since September 30. The euro climbed 0.29% to $1.1261, while the yen strengthened 0.27% to 157.95 per dollar.
The yield on benchmark US 10-year Treasury notes fell 4.5 basis points to 4.847%, the lowest since September 10.
Sterling added 0.12% to $1.349, up for a seventh straight session and poised for its highest close since September 14. The Bank of England is expected to raise rates to contend with inflation pressure from soaring energy costs, although it may push back against investor bets that several more increases will follow next year.
The Bank of Japan meeting minutes from September, when policymakers raised rates to a 31-year high of 1.25%, underscored expectations for further tightening, with some board members signalling a chance of faster increases. Markets now widely expect the BOJ's next hike to come in December.
The Australian dollar edged up 0.07% to $0.7009, while New Zealand's kiwi dollar surged 0.41% to $0.5641.
In cryptocurrencies, bitcoin gained 0.22% to $80,357.66, and ether rose 0.11% to $2,419.79.
Reuters
The dollar slid to the lowest in more than a month on Thursday in the aftermath of an overwhelming victory by Democrats in US midterm elections, which sent oil prices and Treasury yields lower.
The yen gained after minutes from the Bank of Japan's September meeting reinforced bets for further interest-rate hikes, while sterling rose toward a seven-week high ahead of a Bank of England policy decision, at which another rate increase was expected.
The dollar index, which measures the greenback against a basket of currencies, fell 0.22% to 101.25, extending a 0.34% slide on Wednesday and touching its lowest level since September 30. The euro climbed 0.29% to $1.1261, while the yen strengthened 0.27% to 157.95 per dollar.
The yield on benchmark US 10-year Treasury notes fell 4.5 basis points to 4.847%, the lowest since September 10.
Sterling added 0.12% to $1.349, up for a seventh straight session and poised for its highest close since September 14. The Bank of England is expected to raise rates to contend with inflation pressure from soaring energy costs, although it may push back against investor bets that several more increases will follow next year.
The Bank of Japan meeting minutes from September, when policymakers raised rates to a 31-year high of 1.25%, underscored expectations for further tightening, with some board members signalling a chance of faster increases. Markets now widely expect the BOJ's next hike to come in December.
The Australian dollar edged up 0.07% to $0.7009, while New Zealand's kiwi dollar surged 0.41% to $0.5641.
In cryptocurrencies, bitcoin gained 0.22% to $80,357.66, and ether rose 0.11% to $2,419.79.
Reuters
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Dollar slides as US election drives oil and Treasury yields lower; sterling gains
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