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The dollar index traded near the low end of its 101.42 to 101.99 range on November 2, while EUR/USD rose above 1.12. The move followed a drop in Brent of about 4% amid US-Iran diplomacy reports and rising odds of a Democratic sweep in the midterms.
Fitch also placed France's rating on negative outlook.
A weaker dollar tends to support dollar-priced commodities, including grains and oilseeds, while lower crude reduces energy and freight costs. Midterm outcomes and the coming US data will drive the dollar's direction this week.
newsquawk.comNov 2, 2026After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
After 388 past bullish macro events, Euro (USD per EUR) moved a median +0.3% over 5 sessions (62% higher; middle half -0.4% to +1.1%), and +0.1% over 20.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
