The EUR/USD rallied back above the 1.2800 as the market trades back and forth in a extensive range today ahead of the US Presidential election results due and the Greek austerity bill that goes for a vote at Parliament.
The British pound strengthened on early Wednesday and rose to fresh highs above 1.6000 versus the dollar as investors sentiment improved. The National Institute of Economic and Social Research in the UK released the October estimate of the country's GDP taking in account the last three months, pointing at 0.5% growth. The September figure was revised higher, from 0.8% to 1.0%.
Obama wining the overall election for US presidency has become a bit clearer as he's currently taking over the lead. The Obama re-election as US President means that Bernanke would stay as visible head for the FED, and markets are interpreting this is good news for bonds and gold, as the FED will continue the easing programs, and inflation will keep afloat.