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Dollar extends recovery on post-election relief
Thursday, 8 November 2018 16:25 WIB | CURRENCIES |DOLLARDolar AS

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 U.S. 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.

Analysts said that with the U.S. 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 dollar index 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 rose 0.1 percent to $1.4440.

The dollar strengthened 0.2 versus the yen to trade at 113.70. The dollar has gained over the past week versus the yen due to the diverging monetary policies of the U.S. Fed and the Bank of Japan.

The Australian dollar built on its gains of the previous three trading sessions versus the greenback to trade at $0.7295, up 0.3 percent.

Source: Reuters

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