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JPMorgan: The US dollar will decline after the midterm elections
JPMorgan analysts forecast a halt to the rally of the US dollar after the end of the midterm elections scheduled for this week.
The green paper gains are likely to fade after the US midterm elections due this week amid expectations of a split in Congress, US bank analyst Jaclyn Yew told Bloomberg.
The US midterm elections are held on Tuesday to select candidates for Congress and state mandates. Under the election, either party will have control over Congress.
While acknowledging the rise in betting on the dollar's rise, it is also expecting it to fall soon.
Since April, the US dollar has risen by 8%, coinciding with the increase in US interest rates this year by 3 increases.
As for US Treasury yields, the US bank analyst predicts that it is unlikely to rise rapidly. "The dollar will not rise too quickly."
By 1220 GMT on Monday, the benchmark dollar index, which measures the performance of the currency against six major currencies, rose 0.06% to 96.602.
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