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Dollar Little Changed Ahead Of Election Results

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The dollar is turning in a mixed performance against its major rivals Tuesday afternoon, but remains little changed overall. Traders appear reluctant to make any major moves ahead of the results of the midterm elections. The results will decide control of both the House and Senate and could have a major impact on President Donald Trump's ability to enact his pro-business agenda.

The Federal Reserve will also release its policy decision on Thursday. The central bank is widely expected to leave interest rates unchanged, traders will keep a close eye on the accompanying statement for clues about an expected rate hike in December.

The dollar dropped to a low of $1.1437 against the Euro Tuesday, but has since rebounded to around $1.1410.

Eurozone's private sector expanded at the weakest pace in over two years in October as both manufacturing and services recorded slower rates of growth, latest survey data from IHS Markit showed on Tuesday.

The composite Purchasing Managers' Index, or PMI, fell to 53.1 from September's 54.1. The reading was the lowest since September 2016. The flash reading for the composite PMI was 52.7.

Eurozone's producer price inflation accelerated for a fifth straight month in September, preliminary data from Eurostat showed on Tuesday. Producer prices grew 4.5 percent year-on-year following a 4.3 percent increase in August, which was revised from 4.2 percent. Economists had forecast a 4.3 percent rise.

Germany's services sector expanded more-than-expected at in October, albeit at a slowest pace in three months, survey data from IHS Markit showed on Tuesday. The services Purchasing Managers Index, or PMI, fell to 54.7 in October from September's eight-month high of 55.9. The latest reading was the lowest since July, but was above the flash estimate of 53.6.

Germany's factory orders unexpectedly grew for a second straight month in September, led by domestic demand, suggesting improvement in the economic momentum ahead.

Manufacturing new orders rose a price, calendar and seasonally adjusted 0.3 percent month-on-month in September, following a 2.5 percent growth in August, which was revised from 2 percent, preliminary data from the Federal Statistical Office showed on Tuesday. Economists had forecast a 0.5 percent decline.

The buck has fallen to a 2-week low of $1.3090 against the pound sterling Tuesday afternoon, from an early high of $1.3020.

The greenback has risen to nearly a 1-month high of Y113.485 against the Japanese Yen this afternoon, from an early low of Y113.10.

The average of household spending in Japan was down 1.6 percent on year in September, the Ministry of Internal Affairs and Communications said on Tuesday, coming in at 271,273 yen. That was well shy of expectations for an increase of 1.5 percent and down sharply from the 2.8 percent gain in August.

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