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‘Dollar Selling’ : Obama Win Paves Way for Monetary Easing

‘Dollar Selling’ : Obama Win Paves Way for Monetary Easing
By Lucy Meakin and Monami Yui – Nov 7, 2012 7:25 AM ET

The dollar was mixed on speculation Barack Obama’s re-election as president will boost chances the U.S. will maintain monetary stimulus policies that tend to weaken the greenback.

The U.S. currency fell versus 8 of its 16 major peers as Obama defeated Republican challenger Mitt Romney, who disagreed with current Federal Reserve policy. Obama now faces the so- called fiscal cliff, $600 billion in tax increases and spending cuts due to be implemented in 2013. Australia’s dollar rose for a third day as stocks rallied, boosting demand for higher- yielding assets. The euro pared earlier gains as the Greek parliament prepared to vote on austerity measures.

2 thoughts on “‘Dollar Selling’ : Obama Win Paves Way for Monetary Easing

  1. gimme my free obama phone – Woo Hoo!
    party time!


    Stocks Slammed as Focus Turns to Europe, Fiscal Cliff; Dow Below 13,000, S&P Breaches 1,400

    Stocks fell 2% Wednesday, putting the S&P 500 on track for its biggest drop since June, as investors’ focus shifted from President Obama’s re-election to the looming fiscal showdown and whether it could create another recession.


    Dow, S&P 500 close at lowest levels since early August


    NEW YORK (Reuters) – Stocks fell sharply on Wednesday, with the Dow losing more than 300 points and all major indexes dropping more than 2 percent in the wake of the presidential election as the looming congressional debate over avoiding the fiscal cliff and Europe’s economic troubles returned to the forefront.

    The Dow Jones industrial average (^DJI) lost 312.95 points, or 2.36 percent, to close unofficially at 12,932.73. The Standard & Poor’s 500 Index (^GSPC) fell 33.86 points, or 2.37 percent, to finish unofficially at 1,394.53. The Nasdaq Composite Index (^IXIC) was down 74.64 points, or 2.48 percent, to close unofficially at 2,937.29.

    The S&P 500 posted its biggest daily drop since June 21, with all 10 S&P sectors solidly lower and more than 80 percent of stocks on both the New York Stock Exchange and Nasdaq ending in negative territory.

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