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Rand firms to around R16.55 as dollar hits one-month low

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Ongoing: US mid-terms Hot

The dollar fell after Democrats won majorities in the US Senate and House in the midterm elections. Analysts linked the drop to fears of tougher regulation of artificial intelligence and gridlock in Washington. The rand also gained on higher gold and platinum prices.

The dollar index fell 0.6% to 101.27, its lowest level in a month. The euro rose 0.6% to $1.1258, and sterling gained 0.3% to $1.3458. The 10-year US Treasury yield dropped by nearly 5 basis points to 4.915%.

Gold rose 2.2% to $4,017 per ounce in early trading. Platinum rose 2.9% to $1,460. Oil edged down to $102.9 a barrel. Reports said Democrats had flipped six Republican Senate seats so far.

Moh Siong Sim, a currency strategist at OCBC, said the price moves fit concerns about closer scrutiny of AI under a Democratic sweep. He added that passing federal laws would still be hard under President Donald Trump.

Carol Kong, a currency strategist at the Commonwealth Bank of Australia, said strong US data should support more rate hikes and the dollar. She said oil could jump if Trump escalates the conflict in the Middle East. Markets expect the Bank of England to raise rates for the first time since August 2023.

Key facts

Who
Moh Siong Sim (currency strategist at OCBC); Carol Kong (currency strategist at Commonwealth Bank of Australia); Donald Trump (President of the United States)
What
The dollar tumbled to a one-month low against a basket of currencies after Democrats won majorities in the Senate and House in the US midterm elections, with analysts citing fears of tougher AI regulation and gridlock in Washington. The rand edged stronger to around R16.55 per dollar in early trading, supported by the weaker dollar and higher gold and platinum prices.
When
4 November 2026
Where
United States, South Africa, Michigan
Status
Reported

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