1. US Election Results Spark Dollar Weakness
The dollar weakened after Democrats won control of the U.S. House of Representatives, boosting the party’s ability to block President Donald Trump’s political and economic agenda. EURUSD was last seen trading 0.25% higher at 1.1456 as of 8:15 GMT. It is important to note that Democrats have taken back control of the House of Representatives but did not win a majority in the Senate as the historic “blue wave” they hoped for failed to materialise at the midterm elections. The achievement means that the Republicans no longer hold both wings of the US Congress, handing Donald Trump’s political opponents a stronger foothold in Washington from which to oppose his presidency.*
2. Oil Prices Dip On Iran Sanction Waivers
Oil prices dipped on Wednesday on rising output created by U.S. sanction waivers that allow Iran’s biggest buyers to keep importing its crude. Front-month Brent crude oil futures (CL_BRENT) were at $71.94 per barrel at 8:15 GMT, down 19 cents, or 0.3 percent, from their last close while U.S. West Texas Intermediate (USOIL) crude was at $61.94, down 27 cents, or 0.4 percent.**
3. Bitcoin Cash Impending Hard Fork Sends BCHUSD +12% Higher
Cryptocurrency investors love a good hard fork, and the trend looks set to continue with Bitcoin Cash. BCH added more than 12% on Wednesday to last trade at $639.28 as of 8:15 GMT ahead of a much anticipated fork. Not only this, but BCH trading volumes have also noted a recent spike. Bitcoin Cash increased its average daily volumes from $200 million up to around $1.4 billion last week, which subsequently assisted in the rise in value.***
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*Source: Investing, Nov 7, 2018 6:25 AM GMT
**Source: Reuters, Nov 7, 2018, 4:16 AM GMT
***Source: FX Leaders, Nov 7, 2018, 3:03 AM ET
