After the U.S. elections euro in Ukraine will rise

Waiting for Obama’s victory could put pressure on the European currency on the world market. This view was expressed by the head of information-analytical center FOREX CLUB in Ukraine Mykola Ivchenko. According to the expert, usually this period does not last for long – about a month before the election and a month after the election. "However, by the end of 2012 the European currency may even show a slight increase – up to 1.3200 on the Forex market, which is 2.0% above the current level," – he said. Mykola Ivchenko is sure that in this case cash euro in Ukraine will cost about 11.10 UAH. Dollar is not going to avoid the pressure either. Moreover, the pressure will come from the ECB. "The pressure on the U.S. dollar by the end of the year will come from a decision taken on September 6 by the ECB to start buying bonds of eurozone countries without restrictions. Recently another factor that puts pressure on the dollar has been added – it is the expectation that Spain will seek financial help and the European Stabilization Mechanism (ESM) will start working", – said the expert. According to him, there is a chance that Spain will seek such help at the end of November. "In other words, we can say that in addition to the U.S. presidential election, several other major groups of factors are affecting the euro that will likely determine the fate of the European currency," – he concluded. UBR