Forex and Gold Daily Report for November 08, 2012

The dollar rose against most major global currencies on Thursday as market participants looked past President Barack Obama’s reelection and began to brace for tax hikes and government spending cuts due to strike the U.S. economy at year’s end.

Gold prices also rose on Thursday after U.S. President Barack Obama was reelected to a second term in office, which stoked sentiments that the Federal Reserve will stick with its loose monetary policies that have weakened the dollar to drive recovery.

  • The Australian dollar hit a six-week high against the U.S. dollar on Wednesday, after U.S. President Barack Obama was re-elected for a second term, increasing the likelihood that the Federal Reserve’s policy of monetary easing will continue.
  • The euro spiked lower against the U.S. dollar  Wednesday, amid fresh concerns over the economic outlook for the euro zone, while uncertainty over a Greek parliamentary vote on austerity pressured the single currency.
  • The pound was trading close to session lows against the U.S. dollar on Wednesday, as market sentiment was hit by fresh concerns over the economic outlook for the euro zone and uncertainty ahead of a critical Greek parliamentary vote on austerity.
  • The U.S. dollar pulled away from the session low against the yen on Wednesday, after U.S. President Barack Obama was re-elected for a second term and investors focus turned to a Greek parliamentary vote later in the day.
  • Gold futures eased higher during U.S. afternoon trade Wednesday,  after U.S. President Barack Obama was re-elected for a second term, increasing the likelihood that the Federal Reserve’s policy of monetary easing will continue.

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