With the U.S. presidential election now over, investors turned their focus back on global economy. Obama’s victory had been anticipated, though many polls indicated a close race between the president and his opponent. The election was considered a major source of uncertainty for the market. Although the euro initially gained against the greenback after President Barack Obama’s victory was announced, the pair closed lower than opening. EUR/USD fell to its weakest level in two months after European Central Bank President Mario Draghi said that the bank expects the euro zone economy to remain weak in the near term. He also added that the euro zone economy will barely grow next year but pick up in 2014, forecasting slower growth than governments in all the region’s biggest economies expect.

Greece’s parliament approved an austerity package early today to unlock vital aid and avert bankruptcy. The European Central Bank holds its policy meeting later in the day, and is expected to keep interest rates unchanged. However, the post-meeting press conference by ECB President Draghi is always closely followed.

While markets are waiting for the outcome of the European Central Bank policy meeting, the Australian dollar is trying to maintain its resilience. The Reserve Bank of Australia had surprised many by not easing policy 2 days ago. Yesterday AUD/USD spiked up to 7-week highs of 1.0479.

The Asian stock markets opened lower today as investors worried about the fiscal crisis in the United States and economic turmoil in the euro region. NIKKEI started the day at 8,868.42, previous close was 8,972.89. HANG SENG opened at 21,785.83, previous close was 22,099.85. Senior money manager at American Century Investments, Richard Weiss said “There’s no question that Europe is lagging the rest of the developed and emerging world, but stocks will find a base soon, when investors start seeing through some of the smoke over the region and cliff”.

EUR/USD is trading at 1.2760 by the time of typing and for today resistances are located at 1.2787 and 1.2839. Support levels are 1.2740 and 1.2680.

GBP/USD is at 1.5982. Resistance levels are located at 1.6028 and 1.6078. Supports are located at 1.5940 and 1.5903.

USD/CHF is trading at 0.9450 by the time of typing and for today resistances are located at 0.9470 and 0.9500. Support levels are 0.9436 and 0.9385.

AUD/USD is trading at 1.0414. Resistances are located at 1.0436 and 1.0477. Support levels are 1.0380 and 1.0330.

The economic calendar is heavy today. UK Trade Balance report will be released at 09:30 GMT. BoE Monetary Policy Committee Rate Statement is due 12:00 GMT. ECB Policy Statement is at 12:45 GMT. Statistics Canada will release Trade Balance data at 13:30 GMT. US Trade Balance and Unemployment Claims numbers will be released at 13:30 GMT. ECB President Draghi’s press conference starts at 13:30 GMT.