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Michael Michaud is the founder of Invest2Success.com (http://www.invest2success.com/) and the Invest2Success Blog (http://invest2success.blogspot.com/). He has been investing and trading in the financial markets since 1989. He founded Invest2Success.com to empower individual institutional... More
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  • Dollar Trade Steady On Hopes For U.S. Debt Deal 0 comments
    Oct 16, 2013 4:59 AM

    Dollar trade steady on hopes for U.S. debt deal….The greenback might rise against the majors if a deal to raise the debt ceiling is actually reached…

    Asian shares: Japan's Nikkei 0.18%, Hong Kong's Hang Seng -0.78%(07:00 GMT), Korea's Kospi -0.31%, Australia's ASX 200 0.10% and China's Shanghai -1.81%.

    The dollar index .DXY, firmed 0.1 percent to 80.539 after climbing as high as 80.703 on Tuesday, its highest since September 18.

    U.S. Senate leaders are continuing to negotiate on legislation to raise the nation's borrowing authority and provide temporary government funding. Lawmakers said a deal was close but there remained details to be worked out. The Senate and House of Representatives are scheduled to hold sessions on Wednesday and they could debate any deal that Senate leaders ultimately strike. Congress is racing against a Thursday deadline, when the Treasury Department says it will bump up against its legal borrowing limit.

    Fitch said that it placed the U.S. government on "rating watch negative" meaning it might reduce the country's AAA credit grade. It worries that the Treasury may not be able to make all of its debt payments on time without raising the debt ceiling, now being held up by a congressional stalemate. It also worries, that "prolonged negotiations over raising the debt ceiling" would endanger "confidence in the role of the U.S. dollar as the preeminent global reserve currency," which is supposedly "a key reason why the U.S. 'AAA' rating can tolerate a substantially higher level of public debt than other 'AAA' sovereigns.

    Dallas Fed Fisher says he doesn't see a need to change Fed policy now.

    FED's Dudley: The Fed's large, and growing, balance sheet doesn't constrain the central bank's independence, but rather reinforces its commitment to stable prices, while discouraging a premature interest rate hike. "I think that the size and composition of the Federal Reserve's balance sheet actually creates incentives that reinforce the pursuit of the Federal Reserve's objective with respect to inflation," "Consider what would happen if the Federal Reserve failed to tighten in a timely way," he said. "Inflation and long-term interest rates would rise, and this would necessitate a larger rise in short-term interest rates and even greater pressure on the Federal Reserve's net interest margin and earnings in the future."

    Japan PM Shinzo Abe said on Tuesday that Japan is halfway to overcoming years of deflation and the government must keep up its efforts. "The realization of an economic recovery hasn't been filtered through nation-wide." "We will continue to make efforts" to beat years of deflation".

    The dollar rose against the yen in Asia on Wednesday, supported by hopes that U.S. lawmakers may soon clinch a deal to raise the government's borrowing limit and avert the risk of a U.S. default.

    Watch today: UK job claims, EU CPI, US Housing Index.

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