US dollar steady as debt ceiling talks resume

US dollar steady as debt ceiling talks resume

NEW YORK, May 22 (Xinhua) — The U.S. dollar showed little change on Monday as debt ceiling talks between U.S. President Joe Biden and House Speaker Kevin McCarthy are set to resume.

The dollar index, which measures the greenback against six major peers, was up 0.0047 percent at 103.1972 in late trade.

Biden and McCarthy are scheduled to meet at the White House at a crucial moment as Washington works to reach a budget compromise and raise the nation’s borrowing limit in time to stave off a crippling federal default.

Democrats and Republicans remain far apart on a deal to raise the debt ceiling, and it’s unclear whether a deal can be reached before the Treasury Department runs out of cash as early as June 1.

St. St. Louis Fed President James Bullard said on Monday that the Fed may need to raise the benchmark interest rate by another 50 basis points this year, which boosted the US dollar in the morning.

Additionally, Federal Reserve Bank of Minneapolis President Neel Kashkari said it’s a “close call” for him whether the central bank would raise rates next month or pause while it monitors the inflation outlook, while San Francisco Fed President Mary Daly said it’s too early to tell whether the US central bank will raise interest rates at the June 13-14 policy meeting.

“The US dollar is likely to remain steady in the coming days as investors await the outcome of the debt ceiling negotiations,” said Michael Hewson, chief analyst at CMC Markets.

In late New York trading, the euro rose to $1.0819 from $1.0807 in the previous session, and the British pound fell to $1.2442 from $1.2448 in the previous session.

The US dollar bought 138.5500 Japanese yen, higher than 138.0760 Japanese yen from the previous session. The US dollar was down to 0.8970 Swiss francs from 0.8998 Swiss francs, and it fell to 1.3507 Canadian dollars from 1.3509 Canadian dollars. The US dollar rose to SEK 10.5523 from SEK 10.5292.

Source: sn.dk


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