no progress on resolving the debt ceiling crisis, but currency movements were limited ahead of U.S. inflation data due later in the day.
Biden and House of Representatives Speaker Kevin McCarthy remained at odds over lifting the $31.4 trillion U.S. debt limit after meeting on Tuesday, with only a few weeks left before the United States could face an unprecedented default. However, they agreed to keep talking and instructed their staff to meet daily. Biden, McCarthy, and the other three top congressional leaders will meet again on Friday.
The greenback slipped slightly in Asia trade while keeping most of its gains from the previous session as anxiety over Wednesday’s U.S. inflation data supported the safe-haven currency.
The euro gained 0.06 percent to $1.0966 while the sterling dropped 0.04 percent to $1.2617.
The kiwi rose 0.08 percent to $0.6340.
“The debt ceiling issues have been getting a lot of attention lately,” said Carol Kong, a currency strategist at the Commonwealth Bank of Australia (CBA). “I don’t think the issue will be solved anytime soon. Usually, in the past, the issues are resolved very last minute
The U.S. dollar was mostly lower on Wednesday as U.S. President Joe Biden and top lawmakers failed to make any headway on solving the debt ceiling crisis, but currency fluctuations were minor ahead of U.S. inflation data expected later in the day.
Biden and House of Representatives Speaker Kevin McCarthy remained at loggerheads over raising the $31.4 trillion U.S. debt limit after talks on Tuesday, with only a few weeks remaining before the United States could run into an unprecedented default. However, they agreed to continue the dialogue and asked their aides to meet every day. Biden, McCarthy and the other three top congressional leaders will meet again on Friday.
The greenback edged lower in Asia trade, while retaining most of its gains from the previous session as worries over Wednesday’s U.S. inflation data bolstered the safe-haven currency.
The euro advanced 0.06 per cent to $1.0966 while sterling fell 0.04 per cent to $1.2617.
The kiwi climbed 0.08 per cent to $0.6340.
“The debt ceiling issues have been attracting a lot of attention lately,” said Carol Kong, a currency strategist at Commonwealth Bank of Australia (CBA). “I don’t think the issue will be resolved anytime soon. Usually, in the past, the issues are sorted out very last minute