The dollar has weakened this morning as Democrats are showing a lead in the Georgina run-off elections. One of the two seats has been secured by a Democrat already. The other will also need to be taken by a Democrat in order for the Party to have a majority in the Senate. Investors are opting for riskier assets, rather than the safe-haven dollar, as a Democrat controlled Senate is viewed to be positive for economic growth. The outcome of the elections could come out as early as today.
The FOMC will release their latest meeting minutes later today, which are expected to reveal their latest thoughts on monetary policy. Officials are predicted to show that they are content with the current policy stance, so little change is expected.
PMI data will also be released for the US today, which is expected to show that the service sector was still in growth territory in December.
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