Dollar Dives as Barack Obama Wins US Election

Dollar Dives as Barack Obama Wins US Election

Dollar drops sharply as Obama is set to win US presidential elections based on latest projections. Strength is seen in European majors against the Greenback and we could probably seen the consolidations in in EUR/USD and GBP/USD that started back in mid-September ending. Meanwhile, gold is seen staging a strong rebound too as it's back above 1720 level, comparing to the near term low of 1672.5 made on Monday. The stock markets are not much enthusiastic on the election results though as major Asian indices stay nearly flat. Overall, it's seen that Obama's re-election will ensure the continuation of the ultra-ease monetary policy and as the picture is being cleared, the greenback could stay pressured in near term.