There are many people any also numerous businesses in Northeastern United States that are trying to get back to normal after the devastating hurricane Sandy. Thousands of individuals were without power and public transportation was halted for many days throughout Ney York City and the surrounding areas. The internet and cellular services went quite unpredictable due to the great damage that was done to the information centers in the region. Also great harm was done to the power capable which interfered with the cell phone transmission towers. Even though all these problems were encountered the New York Stock Exchange was able to get back to work starting this Wednesday.
This storm is bound to impact the United States economy a great deal and even the US Dollar. It has been estimated the damage will be around thirty billion dollars to around fifty billion in loss in businesses and property damages. When New Zealand and Japan suffered from their earthquakes then it took a lot of time to rebuild and make up for the loss that had taken place.
It has also been noted that the economic reports for the months of October and November will be greatly altered due to the hurricane. There is hope that things will go back to normal in the months to come. The reports of the outcomes of the October and November reports are bound to cause a lot of price action on the United States Dollar. The numbers might show a great decline in the US economy and could also exhibit some gains in the USD/JPY and also drive the dollar higher against the other currencies at a risk of being disliked.
The hurricane also had a great impact on getting President Obama reelected. According to news that was released it has been seen that Obama’s chances of reelection increased about sixty-five percent. Now that Obama has won the election the impact could be that the dollar could weaken. It has been perceived that the Democrats as not very business friendly because they are worried that Obama will face resistance in getting Congress to reach an agreement.
The United States Dollar is also going to be influenced by some factors. The German Finance Minister Schaeuble said that a decision on Greece will be made by November 12th. It has been said that Greece may not get a bailout payment which will be unlocked on the November 12 at Euro Zone Finance Ministers conference. Schaeuble has said that Greece needs to meet some criteria before they get any more aid. The prime minister has warned that there will be problems if funds are not received by the end of the month. A deadline is coming up quickly and if progress is made then it could lead to weakening of the euro and boost the United States Dollar.