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Bloomberg | Dollar plunges on news of Obama victory





The dollar declined 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 12 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.

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