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Dollar weakens on US poll forecasts

dollar-euro 400TOKYO: The dollar weakened in Asian forex markets Wednesday as US media reports pointed to a victory for President Barack Obama in some key battleground states in the nail-biter White House race.


The greenback bought 79.90 yen in Tokyo trade, down from 80.34 yen in New York Tuesday, with an Obama victory seen as a dollar-selling cue.


The euro also rose to $1.2837, from $1.2788 earlier Wednesday and $1.2814 in US trade.


US television networks have pointed to an Obama victory in key states including Pennsylvania, Michigan and Wisconsin.


"A win by Obama may invite initial dollar selling, but any dip could prove limited and short-lived," said Osao Iizuka, head of FX trading at Sumitomo Mitsui Trust Bank.


He told Dow Jones Newswires that a win for Romney could boost confidence in the greenback, and send it up to 81.00 yen.


Early exit polls have shown Obama and his Republican rival Mitt Romney locked in a neck-and-neck race, with the market focused on exit polls in Ohio and Florida, crucial battleground states in the presidential race.


Copyright AFP (Agence France-Presse), 2012


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