Alabama upset, Fed decision; Oil watch

Upset in Alabama: The dollar took a minor hit after Doug Jones became the first Democrat in 25 years to win a Senate seat in Alabama.

Why it matters: The result shrinks the Republican majority in the Senate to a single seat, spelling trouble for President Trump's legislative agenda.

"Significant fiscal easing just got harder and there's nothing here to help the dollar," said Kit Juckes, a strategist at Societe Generale.

The result also has major implications for 2018. Democrats are now only two seats away from a majority in the Senate, an outcome that was unthinkable at the start of the year.

2. Fed's decision day: The U.S. Federal Reserve is widely expected to raise interest rates at its final meeting of the year.

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