The U.S. dollar pared some gains and largely stayed sluggish against its peers as the focus remained on the results of U.S. presidential election.
The dollar's recovery from lower levels was due largely to the assumption that Democrats were unlikely to win majority in the U.S. Senate, even as their candidate Joe Biden appeared to be heading for a victory in the presidential race.
In the event of Democrats failing to take control of the Senate, any massive stimulus proposal by them is certain to face opposition from the Republicans, and this could significantly support dollar's rise.
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Forex News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.