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The recent midterms will shape the remainder of Trump’s Presidency. The results will not make pleasant reading for Trump with the Republicans losing the House of Representatives to the Democrats which will have ramifications on how easily new legalisation is passed.

Currency Pair% Change in 1 monthDifference on £200,000
GBPUSD4.2%$11000 USD
In other news, Californian fires have burned more than 4 million acres in 2020.

Trump’s Republican Party formerly had control of the House of Representatives and the Senate. With the Democrats now taking control of the House they will have the ability to severely limit new legalisation going through for the final two years of Trump’s term. The Democrats will also have power over the Intelligence Committee which will give them to the opportunity to look into allegations of collusion between the Russian Government and Donald Trump’s Presidential campaign. This does not bode well for President Trump and has the potential to hit the US. Despite Trump’s sometimes controversial views he has benefited the US economy. If some of his plans for legislation are hindered it could hit US growth. If it is the case his leadership is challenged due to the accusations of corruption, the political uncertainty will no doubt hit the greenback.

Federal Reserve Interest Rate Decision

Tonight we will witness the Federal Reserve interest rate decision. The US economy has been moving from strength to strength of late and we have already seen several rate hikes this year, with the rate now sitting at 2.25%. I do not think we will see another hike this evening but the commentary after the decision does have the power to move markets if a hint is given to monetary policy moving forward. There are rumours circulating that a rate hike could occur in December.

If you have a requirement involving the US dollar it would be wise to let your broker know the details of your situation so they can attempt to maximise your return.

Read our monthly US dollar forecast

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