Nov 3, 2004

The dollar?!

The dollar does not like the election results though I am guessing it is responding to the lack of clarity. If a legal challenge occurs in Ohio with the vote count so far apart, predicting future election results in the U.S. just got a whole lot harder.

Taking a bit of a wait and see approach here with the DXY at 84.75 which is below my stop at 85. I am still looking for a bounce but given the speed it has been moving and lack of near support I will try to buy it on a move above 85 with that level as my stop. The European currencies are doing much better than the Yen here with the Euro pressing 1.28 and the GBP tagging 1.85. AUD and NZD are doing well too at 0.755 and 0.689 respectively. These moves have gold and silver up.

Oil appears indifferent to the results even though some of the selling recently was attributed to a Kerry tapping the SPR to ease supply pressures if elected.

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