Dollar slides as Democrats win US Congress in midterms

The dollar fell sharply on Wednesday, heading for its biggest daily drop in three weeks, after Democrats won control of both the US Congress in the midterm elections, removing market uncertainty over potential regulatory changes. Democrats seized the Senate and House with sweeping victories in Republican strongholds, delivering a rebuke to President Donald Trump. The result eased concerns about contested outcomes and locked in a divided government, while US stocks rallied and crude prices dropped. The dollar index fell 0.32 percent to 101.51, with the euro rising 0.38 percent. Fed rate hike expectations increased slightly, and economic data showed private payrolls beat estimates, though markets showed little reaction.