Dollar halts losses as investors await mid-term congressional ‎results ‎

The dollar settled near a two-month low against the euro on Wednesday, as investors awaited the results of the US midterm elections and inflation data due to be released this week, which will guide speculation on the path of a future US interest rate hike.

According to “Reuters”, cryptocurrencies are also at the forefront of investor interest, as they stabilized after faltering on Tuesday.

The euro scored $1.0066, little changed from $1.0096 last night, the highest level since Sept. 13. The dollar also fell to 145.17 yen in Asian trading, the lowest level against the Japanese currency this month, and fell to 0.9823 Swiss francs, the lowest level also in nearly five weeks.

The US currency was subjected to downward pressure almost last week due to bets that the Federal Reserve (the US central bank) would back down from its hawkish policy in raising interest rates and China’s easing of anti-Corona restrictions and boosting growth.

The dollar index, which is headed for its best year in nearly four decades, has fallen about 1 percent so far this week to swing at 109.68 on Wednesday.

The British pound settled at 1.1540 dollars, while the Australian and New Zealand dollars rose in evening transactions to the highest level in several weeks against the US dollar before retreating during the Asian trading.

The preliminary results of the midterm congressional elections showed only a blurry picture, with the Republicans still likely to win a majority in the House of Representatives, despite the Senate remaining amenable to go to the control of either of the Republican and Democratic parties.

Cryptocurrency markets experienced days of turmoil and were trying to stabilize on Wednesday after Binance announced plans to buy rival cryptocurrency exchange FTX as part of a bailout.

The cryptocurrency FTX fell sharply on Tuesday to a two-year low of $ 17.1141.

On Wednesday, Bitcoin was stable just above $18,000, but FTT was down another 20 percent.