Is alcohol lowering my meter readings?

The good news is yes! Simplistically alcohol is treated as a poison which makes your liver deal with it in priority to glucose so the net effect is your bgs don't rise as much. I find a G&T more effective than wine.

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It's a good question.

Alcohol is processed by your liver, before carbohydrates are.

So you process about one glass of wine an hour, so after the two glasses, simplistically two hours, you start to process the carbs. So, depending on your metabolism, all you may be doing is putting off the inevitable.
You do stop the liver releasing glucose as well though, until the alcohol is processed. So you should see a dip.

Not a bad thing, but maybe not a free pass.

I've also found my overall bs rises slightly if I drink intermittently, and falls generally if I give it up for a longer period.
The New Scientist ran an article

http://www.newscientist.com/article...dry-january-really-worth-it.html#.UvIBUK1FDMw