Business
Pound hits 10-year high as dollar slides after Democrats' midterm sweep
November 5, 2026 at 06:09 PM
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2 reports · 1 in Arabic, 1 in English · over 26 hours
The pound reached its strongest level since the 2016 Brexit vote on Wednesday, after the dollar fell on the Democrats' midterm victory.
- Bank of England data showed the pound's sterling effective exchange rate index hit 86.5372 on Wednesday, its strongest since 23 June 2016.
- The dollar fell after Democrats secured majorities in both chambers of Congress in the midterm elections.
- The euro rose 0.4% to $1.1236 on Wednesday, its highest level in two weeks.
- Markets expected the Bank of England to raise interest rates for the first time in more than three years at its Thursday meeting.