Tokyo, November 05 (QNA) - The US dollar edged lower on Thursday after a sweeping Democratic victory in the US midterm elections eased a key source of uncertainty and buoyed global markets.

The yen strengthened after minutes from the Bank of Japan's September meeting reinforced expectations of another interest rate hike, while sterling held near a seven-week high ahead of the Bank of England's monetary policy decision later Thursday, with markets pricing in another rate increase.

The dollar index, which tracks the US currency against a basket of major currencies, fell 0.06% to 101.41, extending its 0.36% decline in the previous session. The euro gained 0.12% to $1.1241.

The yen rose 0.08% to 158.25 per dollar.

Sterling climbed 0.38% to $1.3462 after touching a more than seven-week high of $1.3503 ahead of the Bank of England's policy announcement.

The Australian dollar edged up 0.09% against the US dollar to $0.7010, while the New Zealand dollar gained 0.12% to $0.5627. (QNA)