# US dollar falls to five-week low as oil prices retreat ahead of midterm elections

> The US dollar fell to a five-week low against major currencies on November 2 as crude oil prices declined on reports of renewed US-Iran diplomacy. The Dollar Index traded near 101.60, with EUR/USD rising toward 1.1216 and GBP/USD above 1.34.

- Date: 2026-11-02 · published 2026-11-03T00:08:32.299Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/76402-us-dollar-falls-to-five-week-low-as-oil-prices-retreat-ahead-of-midterm
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

Lower oil prices ease inflation fears and Treasury yields, weakening dollar demand. A weaker dollar supports dollar-priced commodities such as grains and oilseeds for non-US buyers, while the oil retreat reduces energy and freight cost pressure.

## Read by commodity

- DXY: bearish ▼
- WTI: bearish ▼
- BRENT: bearish ▼
- EURUSD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2019-06-20 | [Dollar falls to 2-week low after Federal Reserve meeting](https://feedsoft.ai/events/7438-dollar-falls-to-2-week-low-after-federal-reserve-meeting.md) | -1.1% | -0.8% |
| DXY | 2019-06-21 | [Dollar extends losses to 2-week low as US bond yields fall](https://feedsoft.ai/events/7440-dollar-extends-losses-to-2-week-low-as-us-bond-yields-fall.md) | -0.1% | +0.1% |
| DXY | 2023-08-30 | [Dollar falls to two-week low as economic data softens](https://feedsoft.ai/events/34779-dollar-falls-to-two-week-low-as-economic-data-softens.md) | +1.3% | +2.3% |
| DXY | 2022-05-04 | [Dollar falls to one-week low as Powell pushes back against 75 bp hike \| Reuters](https://feedsoft.ai/events/41619-dollar-falls-to-one-week-low-as-powell-pushes-back-against-75-bp-hike-reuters.md) | +0.9% | -0.8% |
| DXY | 2020-03-01 | [Dollar retreats as coronavirus fallout raises expectations of rate cut](https://feedsoft.ai/events/54508-dollar-retreats-as-coronavirus-fallout-raises-expectations-of-rate-cut.md) | -0.8% | +4.0% |
| WTI | 2021-12-15 | [Canadian dollar at nearly 3-month low as oil prices fall \| Reuters](https://feedsoft.ai/events/43853-canadian-dollar-at-nearly-3-month-low-as-oil-prices-fall-reuters.md) | +0.7% | +16.9% |
| WTI | 2026-07-27 | [Canadian dollar hits near two-week low as oil prices drop \| Reuters](https://feedsoft.ai/events/18591-canadian-dollar-hits-near-two-week-low-as-oil-prices-drop-reuters.md) | -3.3% | -2.6% |
| WTI | 2023-11-01 | [Oil falls to settle at 3-week low as Fed policy stance lifts dollar](https://feedsoft.ai/events/33077-oil-falls-to-settle-at-3-week-low-as-fed-policy-stance-lifts-dollar.md) | -4.5% | -4.6% |

## Sources

- economies.com: https://www.economies.com/stocks/united-states-news/us-dollar-falls-to-five-week-low-as-oil-prices-retreat-ahead-of-midterm-elections-50438

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