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U.S. Elections

Thu, Nov 9 2006, 12:30 GMT
by Marina Schiaffino

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U.S. Mid term elections are not having the huge impact on currencies that was expected. The Dollar is maintaining flat after all the changes undertaken in the leadership of the country, which have almost not affected the currency markets. Now that Congress and Senate are Democrat but President is still Republican... will calm reign in Forex?

• Where are currencies going now? Get the picture on FXstreet.com Rates & Charts
• Read: Who Wins? Who Cares! at Ed Ponsi's FX Educator Blog.

In-Depth Analysis

• Daily Market Commentary - The dollar traded sideways on the day after the US midterm elections in which Democrats gained control of the House of Representatives by Global Forex Trading Ltd.
• Daily Currency Report - The Democrat’s success in the mid-term elections had very little impact on the dollar on Wednesday by ODL Securities
• Weekly Update - All eyes focused on US mid-term elections by Union Bank of California
• Wakeup Call on Forex Markets - Mid-term Elections positive for fixed income by Saxo Bank
• European and US summary - The dollar was softer in early Wednesday trading as the results of the US mid-term elections remain unclear by Forexnews.com

Related News

• US gold tumbles in post-election shakeout (Reuters)
• U.S. stocks gain on Microsoft, Rumsfeld news (Reuters)
• U.S. stocks flip flop on Montana, Rumsfeld news (Reuters)
• Dollar steady after US elections, awaiting Sept trade data tomorrow (AFX News)
• Dollar gains as focus shifts away from US election (Reuters)
• Stocks down after Democrats dominate U.S. poll (Reuters)
  

Analysts Comments

• Cornelius Luca, economist at Global Forex Trading Ltd
  "The dollar traded sideways on the day after the US midterm elections in which Democrats gained control of the House of Representatives. The US Trade report is due on Thursday; while this should be a useless report, given the structure of our commerce, this reading may be relatively strong because the decline in oil prices in September. This should briefly support the dollar." - Global Forex Trading Ltd
• Ashraf Laidi, chief currency analyst at CMC Markets
  "If the market gets another dose of weak U.S. economic data, that would confirm a Fed rate cut in the first quarter." - Reuters
• Daniel Katzive, currency strategist at UBS
  "Democratic control of one or both houses of Congress is likely to be viewed as marginally dollar negative, given concerns about trade and currency policy and headline risk from likely hearings on a range of topics and we note that the S&P future has given up about 7 points, or 0.5 pct, this morning in apparent response to the results. However, the impact is likely to be mitigated by limits on what the Democrats could accomplish with a narrow majority and the centrist/conservative leanings of many of the newly elected Democratic legislators, and we do not expect a significant dollar sell-off on this news, even if victory is also declared in the Senate." - AFX News
• Matthew Foster-Smith, analyst at Thomson IFR Markets
  "With political strategists still crunching the numbers on what exactly the outcome of the US mid-term elections will be and how the results reflect the state of the economy, the dollar remains pressured." - AFX News
• Jeremy Stretch, market strategist at Rabobank
  "One can question how much impact the U.S. elections would have. I don't think it would impact the economic landscape. So currencies are relatively stable given the lack of data while we wait for further directions." - Reuters
  

Published on  Thu, Nov 9 2006, 17:10 GMT

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