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Michael Michaud is the founder of ( and the Invest2Success Blog ( He has been investing and trading in the financial markets since 1989. He founded to empower individual institutional... More
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  • US Debt Default Thriller Is Over But Dollar Still Under Pressure 0 comments
    Oct 17, 2013 4:34 AM

    US thriller is over but dollar still under pressure …

    Asian shares: Japan's Nikkei 0.83%, Hong Kong's Hang Seng -0.13%(07:00 GMT), Korea's Kospi 0.29%, Australia's ASX 200 0.33% and China's Shanghai -0.21%.

    Stocks rallied in the U.S. on Wednesday as the debt deal took shape. The Dow Jones industrial average jumped more than 200 points, or 1.3%, while the S&P 500 and Nasdaq both gained more than 1%.

    President Barack Obama signed into law a measure ending the 16-day U.S. government shutdown and extending the nation's borrowing authority until early next year, the White House said today in a statement. The measure was passed by wide margins in the House and Senate last night, ending a weeks-long fiscal stalemate between the Obama administration and Republicans in Congress. The bill passed on an 81-18 vote in the Democratic-led Senate, followed by a 285-144 vote in the Republican-controlled House. U.S. government workers are to return to their jobs today, the White House Office of Management and Budget said last night in a statement.

    Two years ago, deal to raise the debt ceiling wasn't enough to stop Standard & Poor's from downgrading the nation's credit rating. And that downgrade sparked a plunge in stocks. But 16 economists surveyed by CNNMoney on Wednesday morning aren't worried about either scenario this time around. That's even after credit rating agency Fitch warned late Tuesday that the U.S. rating is at risk due to "political brinkmanship." Fitch said it may downgrade the U.S. even after the deal to raise the debt ceiling.

    China's trade will face challenges in coming months due to slowing demand from emerging markets, the commerce ministry said on Thursday. Ministry spokesman Shen Danyang told a regular briefing that imports will continue to see increases in the coming months on stabilizing domestic economy. China's exports dropped 0.3 percent in September from a year earlier as sales to Southeast Asia tumbled while imports rose 7.4 percent in September from a year ago.

    China attracted $8.8 billion of foreign direct investment in September--up 4.9% on the year. The figure was just below August's $8.38 billion, which was up 0.62% on the year. FDI in the January-September period rose 6.2% on year to $88.6 billion. Nonfinancial overseas direct investment rose 17.4% on year in the first nine months of this year to $61.6 billion.

    Australian business confidence lifted in the third quarter to the highest level in two years, but conditions slipped to the lowest level in four years. The increased confidence appeared to reflect a reaction to the change in government after the September Federal election. Better Chinese data, lower rates and the fall in the currency may have also helped.

    AUD/USD , moves to new 4 month high near 0.9570 level.

    Watch today: UK retail, US jobless claims & US Philly Fed.

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