US Dollar Index Up Georgia Election

FxPremiere.com – The US dollar index | FX Signals | was up on Wednesday morning in Asia, steadying as vote counting continues for a U.S. Senate runoff election in the state of Georgia and investors awaiting the results to determine market sentiment’s next move.

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The U.S. Dollar Index that tracks the greenback against a basket of other currencies edged up 0.15% to 89.547 by 11:16 PM ET (4:16 AM GMT).

The USD/JPY pair inched up 0.09% to 102.81.

The AUD/USD pair inched down 0.05% to 0.7755 and the NZD/USD pair inched down 0.01% to 0.7251.

The USD/CNY pair inched up 0.05% to 6.4583, with the yuan steadying in offshore trade. The Chinese currency rose to its highest since June 2018 on Tuesday in the wake of the People’s Bank of China lifted the midpoint of its trading band by 1%, the biggest one-day lifting since China abandoned the yuan’s peg to the dollar in 2005.

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The rising yuan boosted Asian currencies, which in turn boosted China’s purchasing power for commodities and other imports. Investors also seized the opportunity to keep buying ahead as profit taking and some selling by major state-owned Chinese banks cooled the rally.

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The GBP/USD pair edged down 0.12% to 1.3608. The euro also saw a high of $1.2328, its strongest since April 2018, earlier in the session. It slipped back to $1.2281 as results from the Georgia election flow in.

With around 78% of the expected vote in, Republican incumbents Kelly Loeffler and David Perdue led their Democrat rivals Raphael Warnock Jon Ossoff by a percentage point and 1.6 percentage points respectively. US INDEX

Results are due later in the day, but razor-thin margins could see a delay. Dollar Edges Higher; Presidential Uncertainty Remains

“The market reaction to the outcome will probably be dictated by what it is assumed to mean for fiscal policy, rightly or wrongly,” said RBC Capital Markets currency strategist Adam Cole. US DOLLAR INDEX

Dollar squeezed Senate votes

US Dollar Index Up Georgia Election