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Obama's victory in the US presidential race

Post Date:05/11/2008 | Author: Office
THE dollar closed 4 per cent firmer today as Senator Barack Obama's victory in the US presidential race gave a boost to regional share markets.

Risk appetite improved as financial markets took the view that a Democrat in the White House would do a better job of fixing the economic crisis.

At 5pm (AEDT), the Australian dollar was trading at $US0.6915/19, up 2.64 US cents from yesterday's close of $US0.6651/55.

During the day, the local currency traded between an afternoon low of $US0.6832 and a late morning high of $US0.7007.

The dollar was on a firm footing today following a 4 per cent surge on Wall Street overnight ahead of the US presidential vote.

Regional shares surged on reports Senator Obama was likely to beat his Republican opponent John McCain in the US electoral college count that decides the presidency.

The Hong Kong market jumped 5.7 per cent in early trade, Japan's Nikkei stock index was up 2.5 per cent in the afternoon, while the Australian share market closed 3 per cent higher.

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