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Euro Trade Well Above $1.35 As Uncertainty In US Still In Play

Euro trade well above $1.35, as uncertainty in US still on play…

Asian stocks fell, with the regional benchmark index extending last week's drop, as U.S. lawmakers wrangled over the debt limit and partial government shutdown.

Japan's Nikkei -1.22%, Hong Kong's Hang Seng -0.79%(07:20 GMT), Korea's Kospi -0.13%, Australia's ASX 200 -0.87%.

The embattled U.S. dollar faces its fifth losing week as the U.S. government shutdown hits growth prospects in the world's largest economy, according to CNBC's latest market survey of currency traders. Though some forecasters see declines of as much as 2 percent for the U.S. dollar index.

U.S. Speaker John Boehner said yesterday the House can't pass an increase to the debt ceiling without packaging it with other provisions -- a nonstarter for President Barack Obama, whose landmark health care law has been the target of defunding efforts by Republicans.

Treasury Secretary Jacob J. Lew said Congress needs to pass a debt-ceiling increase by Oct. 17 or the U.S. will risk defaulting on its payments.

Fed's of San Francisco President John Williams estimated a two-week government halt would shave 0.25 percentage point off fourth-quarter economic growth.

The World Bank lowered its 2013 and 2014 economic growth forecasts for China and most of developing East Asia on Monday, citing slower growth in the world's most populous nation as well as weaker commodity prices that have hurt exports and investments in countries such as Indonesia. "Developing East Asia is expanding at a slower pace as China shifts from an export-oriented economy and focuses on domestic demand," the World Bank said in its latest East Asia Pacific Economic Update report. "Growth in larger middle-income countries including Indonesia, Malaysia, and Thailand is also softening in light of lower investment, lower global commodity prices and lower-than-expected growth of exports," it added.

BOJ Monthly Report: Japan's economy is recovering moderately. Overseas economies as a whole are gradually heading toward a pick-up, although a lackluster performance is partly seen. In this situation, exports have generally been picking up. Business fixed investment has been picking up as corporate profits have improved. Public investment has continued to increase, and housing investment has also increased. Private consumption has remained resilient, with some improvement observed in the employment and income situation. Reflecting these developments in demand both at home and abroad, industrial production is increasing moderately. Business sentiment has continued to improve.

Japan's index of coincident economic indicators fell a preliminary 0.1 point in August from July, in a sign that economic growth may be moderating.

Watch today: EU Sentix, US IMX and consumer spending.

By Zulutrade

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