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Breaking: Democrats secure control of Senate
Democrats secure a US House of Representatives majority, ending Republican control.
With 52 seats following historic victories in Texas, Iowa, Kansas and South Carolina, Democrats have taken control of the US Senate, according to the Associated Press. Winning the upper chamber of Congress requires 51 seats.
Control of the House also appears set to pass to Democrats. All 435 seats in the House of Representatives are being contested, with 218 needed for a majority. Live data from the Decision Desk HQ show that results have been declared for 346 of the 435 US House of Representatives seats: Democrats have won 220 and Republicans 126.
“Democrats will send insane measures and I will veto them,” US President Donald Trump said on Wednesday. A day earlier, on Tuesday, Trump had said he was “absolutely willing” to accept the midterm election results and ready to work with Democrats.
Trump outlines his response
Democrats will send insane measures and I will veto them.
Part of outcome related to Iran.
People likely unwilling to accept short-term gasoline price impact.
Democrats performed well.
I could collaborate with Democrats on many issues.
I can cooperate with Democrats on immigration.
I don't expect to alter cabinet.
Dollar remains under pressure
Following this headline, the US Dollar Index (DXY) continues to face selling pressure. At the time of writing, the DXY stands at 101.51, down 0.34% on the day.
US Dollar Records Its Largest Fall Against the Yen Today
Today's percentage moves in the US dollar (USD) against the major currencies listed are set out below. The Japanese yen was the currency against which the US dollar fared worst.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.33% | -0.27% | -0.51% | -0.25% | -0.17% | 0.25% | -0.50% | |
| EUR | 0.33% | 0.05% | -0.20% | 0.06% | 0.14% | 0.56% | -0.17% | |
| GBP | 0.27% | -0.05% | -0.23% | 0.03% | 0.10% | 0.52% | -0.23% | |
| JPY | 0.51% | 0.20% | 0.23% | 0.26% | 0.34% | 0.75% | 0.00% | |
| CAD | 0.25% | -0.06% | -0.03% | -0.26% | 0.08% | 0.49% | -0.26% | |
| AUD | 0.17% | -0.14% | -0.10% | -0.34% | -0.08% | 0.41% | -0.31% | |
| NZD | -0.25% | -0.56% | -0.52% | -0.75% | -0.49% | -0.41% | -0.73% | |
| CHF | 0.50% | 0.17% | 0.23% | -0.01% | 0.26% | 0.31% | 0.73% |
Percentage movements between the major currencies are displayed in the heat map. Select the base currency in the left-hand column and the quote currency in the top row. Selecting the US dollar on the left and following that row across to the Japanese yen, for instance, gives the percentage change for USD (base)/JPY (quote) in the corresponding cell.
US midterm elections explained
Halfway through a president's four-year term, the US holds federal elections known as the midterms. All 435 House of Representatives members and roughly one-third of senators are elected, alongside governors and other state and local officials in many states.
Tuesday, 3 November 2026 is Election Day, in line with federal law specifying the Tuesday following the first Monday in November. Many states have already begun early and postal voting.
Control of both chambers of Congress during the final two years of President Donald Trump's term is determined by these elections. The party with a majority decides the legislative programme and selects committee leaders. In the Senate, it also controls the confirmation of judges and senior officials.
Presidential elections take place every four years, so the president is not on the midterm ballot; the next presidential vote is in November 2028. Often regarded as a referendum on the incumbent president's party, midterms have historically tended to cost that party seats in the House.
A small, temporary US dollar response, rather than a sustained trend, is what most analysts anticipate. Markets broadly regard a divided Congress as the most likely outcome and have partly priced it in, while Treasury yields may show a more pronounced reaction to the results. Results that increase expectations of fiscal stimulus generally support both yields and the US dollar; conversely, legislative deadlock that constrains additional spending can weigh on both. Disputes over funding or the debt ceiling can also give the dollar a brief safe-haven boost. Over six to twelve months, economic growth and Federal Reserve policy carry greater weight than the election result.
Historically, weakness ahead of US midterm elections has given way to strength in US shares afterwards. Since 1950, the S&P 500 has stood higher 12 months after each midterm election, a record of 19 out of 19, with gains averaging about 15%. Analysts attribute this pattern to the easing of uncertainty after the results become clear. Past performance does not guarantee future returns, and some strategists caution that high valuations in 2026 could challenge that record.
Divided government has frequently found favour with markets, as legislative deadlock reduces the likelihood of far-reaching tax, spending and regulatory changes. With a Republican president in office, the S&P 500 has historically performed well in the years after midterms that leave Congress under split control. Funding deadlines, debt-ceiling disputes and congressional investigations remain risks that can increase short-term volatility.
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