Breaking News: EUR/USD challenges highs as Democrats clinch the House

Yohay Elam FXStreet

Democrats are emerging as winners in the House as a dramatic night in US politics unfolds. More and more networks are calling the race for Democrats. This includes Fox, NBC, CNN, and FiveThirtyEight.

Democrats were favorites to win the lower chamber of the US Congress, but Republicans seemed to have significant chances during an extended period as votes were counted.

The US Dollar is retreating across the board, and the EUR/USD is advancing towards the highs once again. The high so far is 1.1473.

The GBP/USD is also moving higher, trading around 1.3140. The USD/JPY is on the back foot around 113.25. The AUD/USD is around 0.7260, the USD/CAD at 1.3110.

Here is how the drama unfolded on the EUR/USD 15-minute chart. Click to see a live graph:

Live Coverage: Follow all the updates for the elections and currency movements

Fox News was the first to call the House for Democrats. NBC followed. Other networks are moving more slowly. Earlier, networks called the Senate for Republicans after clear victories for incumbents and challenges of the majority party in the upper house of Congress.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

AUD/USD eyes 0.7150 barrier nine-day EMA

AUD/USD inches higher after registering modest losses in the previous day, trading around 0.7130 during the Asian hours. The technical analysis of the daily chart indicates that the pair is moving sideways within the rectangle pattern, suggesting a consolidation as neither the bulls nor the bears have enough momentum to take control of the market.

USD/JPY trades below 160.00 intervention threshold; bullish bias intact

The USD/JPY pair attracts some sellers during the Asian session amid fears that authorities will step in again to prop up the Japanese Yen. Furthermore, the Israel-Lebanon truce prompts some profit-taking around the US Dollar and exerts downward pressure on the currency pair.

Gold defends 200-day SMA at $4,425, but for how long?

Gold is attempting a tepid recovery toward $4,500 early Thursday, as renewed optimism in the Mideast geopolitical front calms market nerves. This cautious optimism across Asian markets weighs on Oil prices, and diminishes the US Dollar’s safe-haven appeal, helping Gold stage a decent comeback from the weekly low of $4,424.

Hyperliquid: ETF demand, capital rotation fuel HYPE rally as Bitcoin melts

Hyperliquid price sustains an upward trend near its all-time high of $75.76 on Thursday after posting 80% gains in May, while Bitcoin (BTC) retraces below $65,000, triggering a market-wide panic.

Kevin Warsh takes the Fed helm: What it means for the US Dollar

The Federal Reserve moves away from the highly predictable "forward guidance" model of the Jerome Powell era to a new “Kevin Warsh environment”, characterized by less communication, more policy surprises, and an increased focus on the Fed's complex balance sheet.

Recession on paper: What really moves the Canadian Loonie now?

Statistics Canada handed the headline writers a gift and the analysts a headache. Real GDP shrank 0.1% on an annualized basis in the first quarter, and with the fourth quarter of 2025 revised down to a 1.0% contraction, that is two negative quarters in a row, the textbook definition of a technical recession and Canada's first since the pandemic.