Dollar slips as Democrats' US election win 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 election result eased concerns about contested outcomes, spurring gains in US Treasuries and world stocks. Analysts linked the weaker dollar to lower Treasury yields and reduced expectations of US military strikes against Iran. US private payrolls rose by 86,000 jobs in October, above forecasts. The Bank of Japan's September minutes reinforced expectations for further tightening, with rates at a 31-year high of 1.25%. Sterling rose 0.38% to $1.3462, poised for a sixth straight daily gain, as the BOE was expected to raise rates on energy-driven inflation.