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.

EUR/USD struggles to build on recent rebound, holds above 1.1550

EUR/USD trades marginally lower on the day but holds above 1.1550 in the American session, following Thursday's rebound. The pair holds near its intraday high as the US Dollar remains pressured by hopes the Middle East conflict will soon come to an end.

GBP/USD hovers around 1.3400 as investors await war clarity

GBP/USD remains near its daily open, not far from 1.3400, in the second half of Friday's session. The US Dollar lost its previous intraday strength and weakens as investors await clarity on the US-Iran war.

Gold stabilizes above $4,200 as wait-and-see continues

After rising more than 3% on Thursday, Gold (XAU/USD) stabilized around the $4,200 mark in the American session on Friday. The US dollar seesaws between gains and losses, but remains within familiar levels as investors remain skeptical yet hopeful about a resolution to the Middle East conflict.

Crypto Today: Bitcoin, Ethereum, XRP recovery slows amid incessant capital outflows

The cryptocurrency remains in a broader corrective bias on Friday, despite majors such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) holding slightly higher than early-week support levels.

SpaceX launches 24% higher at Friday debut

Space Exploration Technologies (SPCX), aka SpaceX, zoomed 24% higher soon after the start of its first IPO trading day on Friday. Shares of the rocket and artificial intelligence (AI) company founded by Elon Musk began trading at about 11:46 am EST and quickly gained speed.

4.2% headline, 0.2% core: Why the Fed's next hike may be targeting the wrong problem

May's CPI put headline inflation at 4.2% on the year, up from 3.8% in April and the hottest reading since April 2023, while core prices rose just 0.2% on the month, undershooting the 0.3% consensus and halving April's pace.