Brent crude fell below $90 a barrel on the morning of 10 November 2026, reaching its lowest level since August, while the dollar remained relatively steady as Donald Trump challenged the US election result. Bitcoin and Ethereum also fell to their lowest levels since August, adding to the pressures facing financial markets.
Market commentary by Maciej Przygórzewski, chief analyst at InternetowyKantor.pl. Polish original published on 10 November 2026 at 10:03:10 UTC.
The search for explanations outside the Republican Party has revived the costly practice of blaming voting-machine companies. At the same time, falling oil prices are prompting fresh questions about central banks’ next steps. Cryptocurrency markets are declining, although the selling has not yet turned into panic.
Trump shifts from accepting the result to challenging it
On election night, the president accepted the outcome. He promised to use his veto powers and called himself “Mr Veto”, language that was hardly surprising given his usual style. His position shifted on 9 November, when he blamed voting machines for the Republicans’ defeat, without presenting evidence in the account discussed here.
The previous round of allegations against voting-machine companies and election workers resulted in more than $1 billion in publicly disclosed settlements alone. Media outlets can therefore be expected to be more cautious about repeating the president’s claims this time, after the substantial cost of doing so previously.
With the Republicans having lost their majorities in both chambers of Congress, the president now appears to be trying to undermine the election result. Markets remain fairly calm for the moment. A prolonged political impasse, however, could trigger a substantial shift of capital away from the dollar.
Lower oil prices challenge rate-rise expectations
Investors sold oil heavily on 9 November. One factor was the expectation that Democrats would press for an end to the war. Another was Trump’s statement, following a meeting with Qatar’s prime minister acting as mediator, that further strikes on Iran were unnecessary as long as talks continued to make progress.
An outgoing Republican member of Congress also introduced a motion to impeach Pete Hegseth. Many commentators see the defence secretary and the war with Iran as among the reasons for the Republicans’ heavy defeat.
Brent traded below $90 a barrel on the morning of 10 November; it was last cheaper in August. Such a sharp decline calls previous expectations of interest-rate increases into question. It also supports the reasoning behind the recent policy stance of Poland’s Monetary Policy Council, known by its Polish abbreviation RPP.
Regulatory concerns and the Binance attack weigh on crypto
Cryptocurrencies briefly surged after the US midterm elections before turning lower, with varying intensity. Bitcoin and Ethereum, the two largest cryptocurrencies, are now at their lowest levels since August.
One explanation is the view that Democrats are more inclined to regulate the sector. The prospect of tighter rules could encourage some capital to leave the market.
A further source of pressure is the attack on the Binance exchange. The source commentary puts the amount lost at $6 billion and describes it as the overwhelming majority of the exchange’s funds. There is also a technical factor: cryptocurrency traders rely heavily on chart analysis, which currently points to a clear downward trend.
US inflation is the next key release
The macroeconomic calendar for 10 November highlights US consumer inflation at 14:30 in the Polish source’s timetable. The release is a key data point ahead of the Federal Reserve’s December policy decision.
