Deal or no deal? There is a deal in Washington, or is it really a deal?

By pierreapienaar on Thu, Oct 17, 2013 - 2:34am

Late hour deal in Washington. It was struck not out of principal, but because of a worst-case scenario. It is an “agreement, just to avoid default. It would have been disastrous, if there was no deal. 

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Grover's picture
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Get Your Peanuts ...

pierreapienaar wrote:

The positive news of an end to the debt ceiling impasse boosted the US dollar higher against most of its major peers.

Dollar/yen ended the US session at 98.81, up 0.6 percent. Earlier in the session the dollar hit a 3-week high of 98.95, the highest since September 27.

The euro ended the day flat, closing pretty much where it began at $1.3525. During the US session the pair had a volatile trade, swinging from highs of $1.3566 to lows of $1.3472. Sterling ended the day 0.3 percent lower versus the dollar at $1.5940.

Right now, the yen is at 97.85, the euro is at 1.37, and the pound is at 1.62. The weighted dollar index has dropped a little more than 1% today. This could just be statistical noise, or it could be the start of a new trend. I don't know.

I've been looking to see what the new debt ceiling is. Has anyone seen it? All I can find is the new date. Perhaps they (congress) are trying to wean themselves from the artificial ceiling by picking a date rather than a number.

I agree with Pierre that it is just a circus show. If it actually meant something, it would mean something. The system has fallen and it can't get up <reference to a television adverstisement>.


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