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The greenback traded mute on debt ceiling negotiations

By Rana Gharib
22 May,2023
The greenback traded mute on debt ceiling negotiations

On Monday, the dollar was largely unchanged as U.S. debt ceiling talks were scheduled to restart and Federal Reserve Chair Jerome Powell made it clear he preferred a meeting-by-meeting approach to future policy decisions.

After a favourable phone discussion on Sunday between U.S. President Joe Biden and House Republican Speaker Kevin McCarthy, investors are now anticipating their Monday meeting to address the debt ceiling.

According to analysts, the dollar is still being supported by optimism regarding the debt ceiling.

The dollar index that gauges the greenback versus its major pairs traded mute at 103.04, being close to the March 20 high of 103.63, which was reached during the previous week.

EUR/USD ticked up by 0.1% at $1.0821, post touching the lowest level in seven weeks earlier on Friday at $1.0760.

GBP/USD held steady at $1.2452, post touching earlier the lowest level in three weeks on Thursday at $1.2392.

USD/JPY kicked off the week with a mute at 137.975 after breaking a six-day winning streak on Friday and reversing a six-month high.

 

 

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