US President Donald J Trump is set to present a speech and press conference following the outcome of the Mid-Term Congressional Elections whereby the Blue Wave hit the House, meaning that the Democrats have taken the House of Representatives and the Republicans have kept their majority in the Senate.
The result has sunk the greenback, (DXY-0.37% currently), but in general, the impact on markets has been relatively modest – The outcome was widely expected – US Stocks are still making a come back with a sigh of relief as these the midterm elections results will not lead to the removal of President Trump through impeachment & conviction as markets had been fearing – (DJIA +1.04%, NASDAQ +1.74%, S&P 500 +1.26% at time of writing).
We will now hear what Trump will say about his role of leadership when it comes to his domestic and foreign policy despite the Democratic majority in the House of Representatives. The reason the dollar is lower is that domestic policy is made in Congress, of which now a Democratic majority in the House could be a stumbling block for Trump’s full domestic and international agenda.
Key notes:
- US: President Trump feeling blue – ING
- US Elections: Blue wave hits the house – Rabobank
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About the Midterm elections:
The members of the United States Congress are elected for 4 years period usually 2 years after the presidential election. This year, 435 members to the US House of Representatives and 35 members to the US Senate. In addition, 39 states will elect Governors, while minor political charges will also be refreshed in local elections.
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