USD Index eases from recent peaks near 104.40 – by pabspiovano DollarIndex Currencies Majors
Biden-McCarthy reached a deal to raise the debt limit.The greenback gives away part of the recent rally, although it manages well to keep the trade above the 104.00 mark when gauged by theThe index starts the week mildly on the defensive, although still above the 104.00 barrier ahead of the opening bell in Euroland on Monday.
On this, and in a significant move forward after months of impasse, House Speaker Kevin McCarthy and President Joe Biden announced on Saturday that they had reached a deal in principle to raise the debt limit days before a possible default. The arrangement would suspend the $31.4 trillion debt limit until January 2025, permitting the public authority to cover its bills.
The index eases some ground after hitting multi-week peaks near 104.40 in the second half of the last week. , Final Manufacturing PMI, ISM Manufacturing PMI, Construction Spending – Nonfarm Payrolls, Unemployment Rate .: Debt ceiling. Persistent debate over a soft/hard landing of the US economy. Terminal Interest rate near the peak vs. speculation of rate cuts in late 2023/early 2024. Fed’s pivot. Geopolitical effervescence vs. Russia and China. US-China trade conflict.Now, the index is down 0.10% at 104.12 and faces the next support at the 100-day SMA at 102.86 seconded by the 55-day SMA at 102.
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