US Midterm Election Update: Republicans leading in tight contests

Dhwani Mehta FXStreet

Republicans need a net gain of just one seat in the 2022 midterm election in the United States to win the Senate, as the Bellwether States see a very close call.

In the race for a US Senate seat in Iowa, Republican incumbent Grassley defeated Democratic challenger Franken.

In Missouri, Republican Eric Schmitt defeats Democrat Trudy Busch Valentine for the Republican-held Senate seat.

According to Edison Research Projection, Republicans have gained a net five US House seats previously held by Democrats, with 191 of 435 races still undecided.

Republican Governor Kemp wins re-election in Georgia, per NBC News.

Update:

Democrat Maggie Hassan wins re-election to the Senate in New Hampshire, NBC News projects.

Republican JD Vance wins the Senate race in Ohio, defeating Democrat Tim Ryan.

According to CNN projections, Tom Kean Jr. defeats Tom Malinowski in a key swing House district in NJ, CNN projects.

Democrat Vicente Gonzalez defeats Mayra Flores in Texas.

John Fetterman wins the hotly contested Pennsylvania Senate race, defeating Dr. Mehmet Oz.

Market reaction

Despite increasing odds of a Republican hold in Congress, the US Dollar Index is catching a fresh bid while rebounding from daily lows. The gauge is trading at 109.70, up 0.06% on the day. Meanwhile, risk sentiment seems to have taken a hit, reflective of the 0.20% drop in the US S&P 500 futures.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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