Nov 6 (Reuters) - The dollar surged on Wednesday after Republican Donald Trump won the U.S. presidential election with his party also took control of the U.S. Senate.

The status of the House of Representatives remained uncertain.

The dollar index was on pace for its biggest gain since September 2022 as inflation and tariff concerns lifted Treasury yields.

The euro slid 2% to a four-month low on fears of potential U.S. tariffs before paring losses ahead of an expected rate cut by the Fed on Thursday.

European Central Bank policymaker Francois Villeroy de Galhau said Trump's victory means there will be more downside risks to the global economy while ECB Vice President Luis de Guindos warned about the potential implications of a trade war.

Separately, ECB President Christine Lagarde said Europe needs truly continental banks to operate effectively.

The yen slipped against all its G-10 peers as rising yields and surging U.S. share prices weighed on the haven currency. Japan will eye September wage data on Thursday.

Cable dipped back below 1.30 as markets anticipate the Bank of England will cut its policy rate on Thursday.

Treasury yields were up 5 to 15 basis points as the curve steepened. The 2s-10s curve was up about 6 basis points to +14.8bp.

The S&P 500 surged 2.3% as financials and industrial stocks rallied.

Oil was little changed as fears of a hard line against Iran helped to limit losses.

Gold fell 2.8% as a surging dollar weighed on precious metals.

Copper tumbled 5.0% on fears a Trump win will slow transition to electrification.

Heading toward the close: EUR/USD -1.64%, USD/JPY +1.90%, GBP/USD -1.02%, AUD/USD -0.75%, DXY +1.53%, EUR/JPY +0.20%, GBP/JPY +0.84%, AUD/JPY +1.10%.

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(Editing by Burton Frierson Reporting by Robert Fullem)

((robert.fullem@thomsonreuters.com;))