US Dollar Surges Following US Midterm Elections

US dollar is surging right now, heading higher against its major counterparts, following the US midterm elections. Comparisons between the United States and its European counterparts are mostly about differences in economic directions, and many feel that the latest election results will mean fewer legislative restrictions for business, and that will boost the US economy.

Greenback has already been showing strength, and now the currency is moving even higher. Dramatic — but expected — results in the US midterm elections yesterday are giving the US dollar a boost, along with the US stock market. Many expect interesting results from this development, but it remains to be seen.

Also of interest is the upcoming decisions by the ECB and the BOE tomorrow. No one expects anything dramatic, but there will be interest in the policy statements to get an idea of what direction is likely. In the United States, many expect to see interest rates rise sooner rather than later, and that should help the greenback.

At 11:32 GMT the US dollar index is up to 87.4670 from the open at 87.0460. EUR/USD is down to 1.2486 from the open at 1.2545. GBP/USD is also down, falling to 1.5894 from the open at 1.5998. USD/JPY is up to 114.4800, surging higher from the open at 113.6740.

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