BNZ - "We have outlined our views here for the USD to continue its decline on an Obama victory and Congress being unchanged. In that we look for the USD to move down towards and then test multi-year lows with a break depending on a further ratings downgrade and EM nation reaction. Those lows are between 5% and 7% below current levels, with the exception of the DXY at 13% above its all-time low. In the case of a Romney victory and risk sell-off we’d expect the USD to rise by between 5% and 7% across-the-board, but gains may not be sustained and aforementioned caveats could lead to partial unwinds in the weeks after the election. Market reaction to the election will remain fluid as new information arrives."