Collinson FX Market Commentary- October 15, 2013 - Debt Deal nigh

by Collinson FX on 15 Oct 2013
Collinson FX market Commentary: October 15, 2013

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Expectations are rising in Washington, that a deal to avoid the debt default, is likely to be done. The Senate leaders have been negotiating, as have a bi-partisan group of Senators, which is likely to result in some sort of solution which will be sent to the Republican House.

All Congressional leaders are scheduled to meet with Obama and Biden at the white house to address the situation. Biden is a known negotiator and may have an influence on his intransigent boss. The prospect of a deal turned equity markets positive after early losses.

There is no major data releases in the US as it is Columbus Day holiday and the Government remains closed for business.

The EUR rose back to 1.3560 and the GBP approached the significant 1.6000 level. Commodities also recovered, boosting associated currencies, with the AUD rising to 0.9460 and the KIWI surging back towards 0.8350. Focus remains Washington.

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