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Dollar up after U.S. elections, euro weakness to test SNB's floor
The dollar rose to a seven-year high against the Japanese yen on Wednesday after a victory by Republicans in the United States' mid-term elections raised hopes for an easing of political gridlock in Washington, boosting sentiment for riskier assets.
Swiss inflation data showed a growing threat of deflation, and that is likely to put pressure on the SNB to intervene in the currency market to weaken the franc.
Yen Slides to Seven-Year Low on Kuroda Comments; Dollar Advances
The yen fell to a seven-year low against the dollar as Bank of Japan Governor Haruhiko Kuroda said he saw no limit to the steps the central bank may take to defeat deflation.
Iceland Unexpectedly Cuts Rates for First Time Since 2011
Iceland's central bank unexpectedly cut its benchmark interest rate for the first time since early 2011 after currency interventions strengthened the krona and brought down inflation.
Prepare for Gold Rally If Swiss Bullion Referendum Passes
The proposal from the "Save Our Swiss Gold" proponents is simple: Force the central bank to build its bullion position up to at least 20 percent of total assets from 8 percent today. Holding 522 billion Swiss francs ($544 billion) of assets in its coffers, the Swiss National Bank would have to buy at least 1,500 tons of gold, costing about $56.3 billion at current prices, to get to the required threshold by 2019. Source: http://www.bloomberg.com/news/2014-11-05/prepare-for-gold-rally-if-swiss-bullion-referendum-passes.html
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