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Wait-and-see continues, with the dollar on the backfoot

EURUSD Current Price: 1.0054

  • Tensions mount ahead of the release of the US Consumer Price Index.
  • US midterm elections resulting better-than-anticipated for Democrats.
  • EURUSD consolidates its latest gains, with sellers nowhere to be found.

The EURUSD pair retreated modestly from a 1.0095 monthly peak but retains most of its weekly gains, trading in the 1.0050 area ahead of the US opening. Market players are still waiting for clear clues on US politics and economics.

On the one hand, the results of the midterm elections, which are yet to be completed, are showing Democrats doing better than anticipated, taking one more seat in the Senate, lost by the GOP. However, the ruling party lost two seats in the House, securing so far 172 vs 199 for the opposition. On the other, stock markets are struggling for direction. Most European indexes trade in the red, although losses are limited. Wall Street, in the…

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