Dollar slips as Democratic sweep lifts global markets

The dollar edged lower on Thursday after Democrats won overwhelming majorities in US midterm elections, clearing uncertainty and boosting global equities. The yen firmed on Bank of Japan rate hike expectations, while sterling held near a seven-week high ahead of a Bank of England decision. The dollar index fell 0.06 percent to 101.41, following a 0.36 percent decline the prior session. Democrats' sweep eased concerns about contested results, spurring gains in US Treasuries and world stocks. Markets still price an 81.2 percent chance of a Fed rate increase in December, up from 77.4 percent. US private payrolls rose by 86,000 jobs in October, above the 69,000 estimate. Sterling rose 0.38 percent to $1.3462, poised for a sixth straight daily gain. BOJ minutes reinforced expectations for further tightening, with rates at a 31-year high of 1.25 percent.