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U.S. currency touched an eight-week high

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Category: Forex

 “There's an expectation that can go, and that again just takes one more tail danger away from the euro,” Royal Financial institution of Scotland’s Robson said.

The euro declined 1.2 % over the previous month, in keeping with Bloomberg Correlation-Weighted Indexes, which observe 10 developed-nation currencies. The greenback rose 0.5 % and the yen fell 1.9 percent.

The dollar fell in opposition to the vast majority of its 16 most-traded friends as voters headed to the polls to resolve whether President Barack Obama or challenger Mitt Romney will information the world’s largest financial system for the following 4 years.

The U.S. currency touched an eight-week high towards the euro earlier than the world learns which candidate will help form coverage starting from the Federal Reserve chairmanship to the so-called fiscal cliff of greater than $600 billion in tax will increase and spending cuts set to take impact in 2013. Australia’s greenback gained in opposition to all of its main counterparts after the central bank unexpectedly kept away from reducing interest rates today.

“The dollar is weakening a little bit across the board,” Sebastien Galy, a senior international-trade strategist primarily based in New York at Societe Generale SA, mentioned in a phone interview. “It remains light as a resultof we do have this election coming, but it is the thought that individuals want to place themselves short the greenback and long rising markets.” 
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