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Breaking: Senate control goes to Democrats
Republicans lose control of the US House of Representatives as Democrats secure a majority.
Control of the US Senate has passed to Democrats, the Associated Press reports. Historic victories in Texas, Iowa, Kansas and South Carolina have taken the party's tally to 52 seats, against the 51 needed to secure Congress's upper chamber.
Control of the House also looks set to pass to Democrats. A majority requires 218 seats in the House of Representatives, where all 435 seats are being contested. Live figures from the Decision Desk HQ show that results have been called 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.
What did Trump say?
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.
How are markets reacting?
Selling pressure on the US Dollar Index (DXY) has persisted after the headline. At the time of publication, the DXY stands at 101.51, down 0.34% for the day.
How Is the US Dollar Performing Today?
The US Dollar's largest decline today was against the Japanese Yen. The table below sets out today's percentage moves in the US Dollar (USD) relative to the major currencies listed.
| 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. To read USD (base)/JPY (quote), for instance, select the US Dollar on the left and follow that row across to the Japanese Yen; the intersecting cell gives the percentage change for that pair.
US midterm elections: key questions answered
Held at the midpoint of a president's four-year term, US midterms are federal elections in which voters elect all 435 House of Representatives members and roughly one-third of the Senate. In many states, voters also choose governors and other state and local officials.
Tuesday, 3 November 2026 is Election Day, in line with federal law requiring the vote to fall on the Tuesday following November's first Monday. 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. Whichever party holds the majority sets legislative priorities and selects committee leaders. In the Senate, it also controls the confirmation of judges and senior officials.
No. Presidential elections take place every four years, with the next due 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 limited, temporary move in the US Dollar, rather than a sustained trend, is what most analysts anticipate. Markets broadly regard a divided Congress as the base case and have already priced it in to some extent. The response in Treasury yields may be more pronounced. Results that increase expectations of fiscal stimulus typically support both yields and the US Dollar; by contrast, a legislative impasse that curbs fresh spending can weigh on both. Disputes over funding or the debt ceiling can also briefly support the Dollar's safe-haven appeal. Over six to twelve months, however, economic growth and Federal Reserve policy carry more weight than the election outcome.
Historically, weakness in US equities ahead of midterms has given way to strength 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 results emerge. Past performance does not guarantee future returns, and some strategists caution that elevated valuations in 2026 could challenge that run.
Divided government has frequently found favour with markets, as legislative gridlock reduces the likelihood of far-reaching changes in taxation, spending and regulation. 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. However, funding deadlines, disputes over the debt ceiling and congressional investigations remain risks that can increase short-term volatility.
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