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Highs & lows after Obama's re-election

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Pound Sterling

The Pound has risen for a second day against the US Dollar as the Bank of England prepares to begin a two-day meeting to decide whether to introduce more monetary stimulus into the UK economy. Sterling has benefited from the increased demand for riskier assets as a result of the US Presidential elections.

Against the Euro it fell from its five-week high due to the increased demand for riskier currencies on the back of the outcome of the US Presidential election.

US Dollar

The ‘Greenback’ has fallen on speculation that Barack Obama’s re-election as president will boost the likelihood of further monetary stimulus being pumped into the US economy, a policy that will weaken the currency.

The Dollar reversed its gains against the Euro and weakened against the Pound after Obama defeated his rival Mitt Romney. The outcome of the election has been met with a sigh of relief from most quarters and as a result the demand for riskier assets increased dragging on the Dollar further.

The Euro

The Euro has made gains against the US Dollar and the Pound due to increased demand for riskier currencies after President Obama won the US election. Today, Euro traders should be focused on the Greek parliamentary vote regarding a new batch of austerity measures needed to be enforced in order for the embattled nation to secure a new round of bailout funds.

If the measures fail to be implemented then Greece could slide deeper into recession and potentially run out of cash by the end of the year. In such a scenario it is highly likely that investors will shift their funds to safe-haven assets, leading to a weakening of the currency.

Australian Dollar

The ‘Aussie’ has risen to a fresh six-week high against the US Dollar due to speculation that Barack Obama’s re-election will boost the prospect of the US Federal Reserve introducing further monetary stimulus. Such a move would weaken the ‘Greenback’ and increase demand for riskier commodity based currencies.

New Zealand Dollar

The ‘Kiwi’ has fallen slightly against the majority of its peers after the nation’s Reserve Bank governor Graeme Wheeler said that the currency was still too strong. It reversed some losses due to the result of the US election and the increase of demand for riskier currencies.

The currency is expected to weaken over the next few weeks as Wheeler begins his policy to force the value of the ‘Kiwi’ down in a bid to improve exports and keep the nation’s economy growing. The New Zealand Dollar has risen 5% this year, the best performance among 10 developed-nation currencies.

Canadian Dollar

The ‘Loonie’ has strengthened against the majority of its peers and hit a two-week high against the US Dollar as rising US stocks and raw materials gave a boost to the demand for riskier assets. The outcome of the US election also bolstered the currency.

South African Rand

The Rand has hit a two-week high against the US Dollar as President Barrack Obama won a second term in the White House. After Obama’s victory the Dollar weakened as risk sentiment increased aiding emerging market currencies such as the Rand.

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