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Dollar is going up after the voting in Greece

ForexZig.com November 5, 2012
US dollar

U.S. dollar

The American dollar was trading nearly to a five-week high against the euro and was much higher against the other major currencies today, due to the concerns over  a Greek parliamentary vote and the U.S. presidential elections.

During today’s European morning trade, the dollar was higher against the euro, with EURUSD reaching 1.2795.

The movement of the U.S. dollar was a result of investors’ concerns over whether Greece’s Parliament would approve a package of spending cuts and tax hikes in a vote appointed for Wednesday.

Besides, investors’ attention was focused on the outcome of Tuesday’s U.S. presidential elections, amid concerns over the U.S. fiscal cliff, automatic tax hikes and spending cuts due to come into effect on January 1, which could threaten the American country and its global growth.

The U.S. dollar was also higher against the pound, with GBPUSD trading at 1.5982, it was lower against the yen, with USDJPY trade to 80.24, but got over the Swiss franc, with USDCHF trading to 0.9428. The single currency was little changed against its Canadian, Australian and New Zealand fellows, with USDCAD – 0.9963, AUDUSD – 1.0345 and NZDUSD – 0.8240.

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