Recap of Asian trade on 07.11.2018: USDX, USD/JPY, AUD/USD, NZD/USD

The US dollar pulled back to the lows of the last week as a market response to the outcome of the midterm congressional elections in the US.
The US dollar index fell to 96.00 and later made the upward correction. Nevertheless, experts foresee a challenge for the greenback to reaffirm its strength across the board.
The voting in the congressional elections revealed that Democrats won 14 seats out of 23 in the Senate. Donald Trump’s colleagues, Republicans, lost the majority. From now on, Democrats are set to control the House of Representatives for the next two years, thus causing discontent with the President.
The greenback declined against the yen in the Asian trade. The dollar/yen pair is trading at near 113.20.
The US dollar is losing steam against its rival currencies. The AUD/USD pair is trading higher at about 0.7240.
The New Zealand dollar also gained ground to 0.6770 versus the greenback and later corrected 20 pips downwards.
The kiwi dollar found support from upbeat data on the labor market. According to the government data, employment in New Zealand saw an increase of 1.1% sequentially in the third quarter, following a 0.5% climb in the second quarter and stronger than the forecast with the similar value. The jobless rate dropped to 3.9% from 4.5% earlier. Now market participants await a policy meeting of the Reserve Bank of New Zealand. Analysts do not expect any changes in monetary policy.
Experts say that riskier assets are taking advantage of temporary weakness of the US dollar which could reverse the downward bias into a rapid rally soon. The G20 summit scheduled for late November is sure to influence the market sentiment on Forex.

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