The results of Election Day have led to some confidence in regards to the U.S. dollar, which hit a seven-year high against the yen on Wednesday.
As the Republican Party took control of the U.S. Senate and increased its hold of the House of Representatives, U.S. dollar futures prices reached a total of 114.59 yen, their highest point since December 2007, according to Reuters.
Similar political results in the past have been able to inspire stock market rallies and general optimism in the market, the news source found.
The dollar's immediate future may change further through the end of the week, as the market was preparing for ADP employment figures and similar market information to be released leading up to Friday's non-farm payroll jobs report.
"We all saw this result coming, but the main thing is what the two sides decide, whether they want to co-operate and compromise or whether they are going to go back to the trenches," said Philip Marey, a Rabobank U.S.-focused economist, told the news source. "They (Republicans) have the incentive to be constructive to show to voters that they can rule the country … If they manage to cooperate it could boost the economy, especially if things can be done on areas like infrastructure."
The dollar last traded at 114.50 yen, rising 0.9 percent, Business Today reported. The dollar index also rose to its highest point in more than four years.
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