The dollar fell against the yen 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 euro erased gains as European Central Bank President Mario Draghi said the Europe’s crisis is affecting Germany. The U.S. currency was mixed versus its 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 set to be implemented in 2013.
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