JP Morgan Research previews the incoming US Midterm Elections on Nov-3.

"Democrats are now favored to win both the House and Senate. However, because they are expected to fall short of the 2/3 majority in both chambers of Congress (needed to override a presidential veto), JPMorgan research views the passthrough of the election to FX as limited, with low first-order impacts on the market," JPM notes.

"However, second-order impacts are still in play through the following policy channels: fiscal, trade, foreign policy, and FX policy, with JPMorgan seeing the strongest implication for FX from fiscal policy," JPM adds.