American elections are still ongoing and the USD has been on retreat versus major currency pairs as there is no clear advantange for any of the candidates. Polling mishaps and early results give no indication of certainty for the incumbent or the challenger. The market does not like uncertainty and has punished the dollar versus major trading partners currencies.
The Reserve Bank of Australia started this day with a surprise decision to keep the interest rates untouched at 3.25%, after the market was expecting a 25 basis point cut. The decision was a sensible one, considering the European crisis does not have an end in sight and rumours of a Chinese economic recovery might be exaggerated it makes sense for the RBA to wait.
- Greece’s misery won’t end with bailout vote – Nov. 6, 2012
- Retail sales stall raises fears of triple-dip recession | Business | The Guardian
- German Factory Orders Slump the Most in a Year: Economy – Bloomberg
- Greeks strike over spending cuts before crucial vote | Reuters
- RBA shocks economists with sensible rates decision
- RBA: Media Release-Statement by Glenn Stevens, Governor: Monetary Policy Decision
- China our best customer despite a dip in exports
- Stocks Surge, Possibly On Bad Ohio Polling Data – MarketBeat – WSJ
- Nowotny Opens a Can Of Worms With Comments on ECB Votes – The Euro Crisis – WSJ
- The Election’s Implications For FX Markets | ZeroHedge
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