The U.S. Dollar Index (DXY) touched 101.25 on Nov. 4, its session low in Investing.com data, as Democratic congressional wins brought concerns about U.S. growth into focus.
The Associated Press and Reuters reported that Democrats took control of the House and Senate in the Nov. 3 midterm elections. FXStreet said the index traded near 101.25 during the Asian session and described that level as its weakest since late September.
Reuters reported that investors were weighing whether tighter scrutiny of artificial intelligence and data-center projects could weigh on U.S. growth. Those concerns concern potential policy changes, not measures already enacted.
In Reuters’ market snapshot, the euro was up 0.4% at $1.1236 and the British pound had gained 0.46% to $1.3475. The 10-year U.S. Treasury yield was down nearly 3 basis points at 4.921%. Reuters also cited Convera lead FX and macro strategist George Vessey, who saw the election result as a possible limit on future policy without a fundamental change in the broader U.S. growth outlook.
ICE Data Indices, which administers the U.S. Dollar Index, measures the dollar against six currencies. The euro has the largest weight at 57.6%. The index previously reached a daily low of 101.51 ahead of an October Federal Reserve meeting.
U.S. labor data provide the next scheduled measure of the economy. The Bureau of Labor Statistics reported 7.523 million job openings in September, compared with a revised 7.190 million in August. Its October employment report is scheduled for Friday, Nov. 6, at 8:30 a.m. ET.
