U.S. dollar little changed against major currencies (2)

Since Barack Obama was re-elected as U.S. President last week, investors have been worried that the two parties in the Congress will struggle to reach an agreement on averting the fiscal cliff, a situation caused by the 600 billion U.S. dollars of taxes increases and government spending cuts automatically take effect in January.

President Obama said last Friday that he was "open to ideas" in efforts to resolve the fiscal crisis, and he would invite business and congressional leaders of both parties to the White House this week for discussions on how to avoid the fiscal cliff.

In late New York trading, the euro dropped to 1.2714 dollars from 1.2713 of the previous session, while the British pound fell to 1.5882 dollars from 1.5903. The dollar increased to 0.9479 Swiss francs from 0.9487 but dropped to 0.9993 Canadian dollars from 1.0004. The dollar bought 79.46 Japanese yen, higher than 79.45 in the previous session.

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