# US Dollar: Softer tone into elections – MUFG

> MUFG says the US dollar has weakened modestly after the Fed's less hawkish policy update and renewed selling in AI-related US equities. It notes the 2-year Treasury yield has fallen about 40bp from its late-September high. MUFG expects a Republican midterm defeat to weigh on the dollar but not decisively.

- Date: 2026-11-02 · published 2026-11-02T12:08:13.311Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/75348-us-dollar-softer-tone-into-elections-mufg
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A softer dollar tends to support US commodity prices and the export competitiveness of US feed ingredients. The effect depends on whether the election outcome and Fed expectations move the currency.

## Read by commodity

- DXY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2025-12-22 | [Japan's yen gains on intervention signals, softer US dollar](https://feedsoft.ai/events/21750-japan-s-yen-gains-on-intervention-signals-softer-us-dollar.md) | -0.5% | -0.7% |
| DXY | 2018-11-28 | [Softer US interest rate tone boosts metals](https://feedsoft.ai/events/61960-softer-us-interest-rate-tone-boosts-metals.md) | -0.8% | -0.8% |
| DXY | 2020-12-11 | [USD: FOMC action to keep dollar on weaker footing – MUFG — Octa](https://feedsoft.ai/events/49846-usd-fomc-action-to-keep-dollar-on-weaker-footing-mufg-octa.md) | -0.7% | -0.4% |
| DXY | 2023-11-03 | [US dollar tumbles to six-week low after soft jobs data](https://feedsoft.ai/events/11456-us-dollar-tumbles-to-six-week-low-after-soft-jobs-data.md) | -0.6% | -2.0% |
| DXY | 2025-05-30 | [FX Daily: Softer US spending weighs on the dollar \| ING THINK](https://feedsoft.ai/events/24860-fx-daily-softer-us-spending-weighs-on-the-dollar-ing-think.md) | -0.5% | -1.6% |

## Sources

- fxstreet.com: https://www.fxstreet.com/news/us-dollar-softer-tone-into-elections-mufg-202611021132

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.