Negotiations between the White House and Republican held House of Representatives hit an impasse this weekend. Markets are down as the prospect of a budget deal is dim and the catastrophic consequences of a possible default by the world’s largest economy is looming.
The US debt ceiling deadline is on October 17 and it is unknown how long after that the US government will run out of money to pay its bills.
Demand for safety boosted the yen and the Swiss franc. The US dollar dropped 0.3 percent against the yen, and opened the Asian session on Monday with a gap lower. USDJPY opened at 98.23 from Friday’s close of 98.56 yen.
The dollar will likely remain subdued today due to the public holiday in the US where markets will be closed for Columbus Day.
The Swissie gained 0.2 percent against the dollar, with USDCHF trading lower today, currently at 0.9095.
The euro gained 0.14 percent thanks to the broadly weaker greenback, beginning the new trading week with a gap higher at $1.3560 compared to the Friday close of $1.3541. Focus will turn to data later that is forecast to show industrial production in the Euro zone rebounded in August.
Negotiations between the White House and Republican held House of Representatives hit an impasse this weekend. Markets are down as the prospect of a budget deal is dim and the catastrophic consequences of a possible default by the world’s largest economy is looming.
The US debt ceiling deadline is on October 17 and it is unknown how long after that the US government will run out of money to pay its bills.
Demand for safety boosted the yen and the Swiss franc. The US dollar dropped 0.3 percent against the yen, and opened the Asian session on Monday with a gap lower. USDJPY opened at 98.23 from Friday’s close of 98.56 yen.
The dollar will likely remain subdued today due to the public holiday in the US where markets will be closed for Columbus Day.
The Swissie gained 0.2 percent against the dollar, with USDCHF trading lower today, currently at 0.9095.
The euro gained 0.14 percent thanks to the broadly weaker greenback, beginning the new trading week with a gap higher at $1.3560 compared to the Friday close of $1.3541. Focus will turn to data later that is forecast to show industrial production in the Euro zone rebounded in August.
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