# Euro and sterling edge higher as dollar weakens ahead of US midterm elections

> EUR/USD traded near $1.1190 and GBP/USD near $1.3420 on November 3 as the dollar softened ahead of US midterm elections and the Bank of England decision. Markets expect the BoE to raise its rate by 25 basis points to 4% on Thursday, with UK inflation at 3.5%. Lower oil prices have reduced inflation concerns and Treasury yields have retreated.

- Date: 2026-11-03 · published 2026-11-03T15:09:58.923Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/77868-euro-and-sterling-edge-higher-as-dollar-weakens-ahead-of-us-midterm-elections
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md), [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md)

## Why it matters

A softer dollar and lower oil reduce US inflation pressure, which can support commodity prices priced in dollars, while expected BoE tightening supports sterling against the dollar.

## Read by commodity

- DXY: bearish ▼
- EURUSD: bullish ▲
- GBPUSD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2019-06-20 | [Sterling heads higher on weaker dollar](https://feedsoft.ai/events/58853-sterling-heads-higher-on-weaker-dollar.md) | -1.1% | -0.8% |
| DXY | 2024-01-11 | [Sterling gains vs dollar ahead of US inflation data](https://feedsoft.ai/events/32373-sterling-gains-vs-dollar-ahead-of-us-inflation-data.md) | +0.9% | +1.1% |
| DXY | 2025-06-30 | [Sterling holds ground near 4-year high as dollar weakens \| Moneycorp](https://feedsoft.ai/events/24479-sterling-holds-ground-near-4-year-high-as-dollar-weakens-moneycorp.md) | -0.0% | +0.8% |
| DXY | 2025-07-16 | [Sterling edges higher versus dollar as investors await jobs data](https://feedsoft.ai/events/24024-sterling-edges-higher-versus-dollar-as-investors-await-jobs-data.md) | -0.7% | -0.2% |
| DXY | 2023-01-30 | [Dollar seesaws ahead of busy central bank week, euro higher after Spain CPI](https://feedsoft.ai/events/38002-dollar-seesaws-ahead-of-busy-central-bank-week-euro-higher-after-spain-cpi.md) | +0.5% | +2.1% |
| EURUSD | 2023-01-30 | [Dollar seesaws ahead of busy central bank week, euro higher after Spain CPI](https://feedsoft.ai/events/38002-dollar-seesaws-ahead-of-busy-central-bank-week-euro-higher-after-spain-cpi.md) | -0.3% | -2.4% |
| EURUSD | 2023-01-31 | [Expect Pound Sterling Weakness against Euro, Dollar in Wake of Bank of England: CIBC](https://feedsoft.ai/events/38020-expect-pound-sterling-weakness-against-euro-dollar-in-wake-of-bank-of-england.md) | -1.3% | -2.4% |
| EURUSD | 2022-12-15 | [Sterling falls against dollar and euro on 'dovish' UK rate hike](https://feedsoft.ai/events/38477-sterling-falls-against-dollar-and-euro-on-dovish-uk-rate-hike.md) | -0.5% | +1.5% |

## Sources

- economies.com: https://www.economies.com/markets/europe-news/euro-and-sterling-edge-higher-as-dollar-weakens-ahead-of-us-midterm-elections-50458

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