The dollar index fell to a one-month low at 101.41 on Wednesday after Democrats won the Senate and the House. Reuters said the euro rose 0.4% to $1.1236 and sterling rose 0.46% to $1.3475, the strongest in about seven weeks. The dollar fell 0.38% to 158.09 yen and 0.54% to 0.8162 Swiss francs. An earlier Reuters snapshot had the index down 0.37% at 101.34, the euro at $1.1249 and the yen at 157.55. In that report the 10-year Treasury yield fell 6 basis points to 4.906%. The later FX story put the 10-year down nearly 3 basis points at 4.921%.
Yields fall as traders trim further hike bets
In Tokyo, Reuters said the 10-year fell about 5 basis points to 4.90% and the 2-year dropped to 4.5458%, a nearly two-month low. Traders read the election as gridlock that can slow federal spending, including a promised $5,000 payment to adults, and as a risk that tighter rules on AI data centers weigh on growth. Fed funds futures rose, which trims the pricing of further rate increases. Tuesday morning's reading near 72.5% is still the last December figure on this desk, in yesterday's economy note. The October jobs report is still due at 8:30 a.m. Eastern on Friday. Forecasts of about 60,000 to 65,000 jobs are in the Sunday preview.
September job openings rose to 7.52 million
Tuesday's labor-market print was stronger than forecast. The Bureau of Labor Statistics said September job openings rose 333,000 to 7.52 million, CNBC reported, against a Dow Jones consensus of 7.15 million. Investing.com listed 7.523 million versus a 7.150 million forecast and a prior 7.190 million. A Reuters poll had looked for 7.100 million. The openings rate rose to 4.5%. CNBC said there were about 414,000 more openings than unemployed workers. Quits rose 321,000 to 3.36 million, the highest since March 2025. Hires rose 131,000 to 5.4 million. Layoffs fell 127,000 to 1.64 million, the lowest since March 2025. Openings rose in state and local government, professional and business services, and manufacturing. The Bank of England meets Thursday, and Reuters said markets expect its first rate increase since August 2023. Gold above $4,030 is in the commodities note. Bitcoin near $78,300 is in the market note. Track Friday's jobs report on the economy desk.