Special Coverage
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The Bailout Plan: The Senate approves the bill
Thu, Oct 2 2008, 01:51 GMT
by Marina Schiaffino, Mauricio Carrillo
Finally, the US Senate has approved the Bailout Plan on a 74 against 25 vote. This Friday the House of Representatives will vote the bill, a revised version of the measure that failed Monday.
Those changes include a raise in federal deposit insurance to $250,000 from $100,000, a change proposed by the Republicans. It will also include the Senate version of an extension to a series of renewable energy and other business tax credits as well as extension of a fix for the alternative minimum tax.
Today, before the Senate's vote, the USD sentiment has been slightly bullish for the European currencies. The EUR/USD hit a remarkable low at 1.3972 while the USD/CHF marked a weekly high at 1.1292. The USD/JPY has been moving sideways within a narrow range between 105.29 and 106.55. It has been quiet today so far. We have to keep a close eye on developments of the Bailout Plan. On the other hand US has announced it will release 900,000 barrels of oil from its strategic reserve.
Related Links
- Read the Information Regarding Recent Federal Reserve Actions at the Fed
- The TARP plan at the Wikipedia
In-Depth Analysis
- Daily Analysis - Dollar up on Bailout Plan approval by Finotec Group Inc.
- Daily Forex News - Forex - $700 bio revised rescue plan was accepted by US senate by ACM - Advanced Currency Markets
- Market Session Snap-Shot - Asian Session - US Bailout Passes Senate & Risk Aversion Stays Elevated by ACM - Advanced Currency Markets
- Sunrise Market Commentary - US Treasuries gain some ground ahead of Senate vote on TARP by KBC Bank
- Flash Comment - USA: Senate votes yes to revised plan, House to vote again on Friday by Danske Bank A/S
- Forex Analysis on Majors - Euro Loses Its Positions after the Vote in the US Senate by Forex Ltd
- London Bullion Report - Precious metals rangebound as bill gains Senate approval by The Bullion Desk
- Forex Trading Strategies - US Senate approves altered bailout plan by Saxo Bank
- Daily Market Briefing - US Dollar Outlook Depends On Senate Approval of US Bailout Bill by FXCM
- Global News and Fundamentals - US Senate Passes Bailout Bill - Markets Unimpressed by fxKnight.com
- Daily Forex Outlook - Weak US data but Strong USD ahead of Senate Bailout Vote by Easy Forex
- Spot Forex Trades - Bailout Approval an indication of Stability by ForexSurvivor
- FX Crossroads - Financial crisis - three scenarios for global markets by Danske Bank A/S
- Currency Snapshot - Economy and the Bailout Plan: Down, but Not Out! by Black Swan Capital
Related News
- Futures drop on credit woe, bailout anxiety (Thomson Financial News)
- Dollar At One-Year High Vs Euro As Bailout Plan Advances (Dow Jones)
- EU's Barroso "Pleased" About US Senate Vote On Financial Rescue (Dow Jones)
- EU Commission welcomes U.S. Senate vote on rescue (Thomson Financial News)
- Wall St futures mixed as economic worries persist (Thomson Financial News)
- Dlr rides higher on Senate vote (Thomson Financial News)
- EUR/JPY: US Senate approves Bailout Plan (FXstreet.com)
- COMMODITIES-Post-vote rally stalls, economy weighs (Thomson Financial News)
- Bailout plan, widely approved by the US Senate after revisions (FXstreet.com)
- Juncker hails U.S. Senate approval for bailout plan (Thomson Financial News)
- Lending markets tight despite U.S. bailout bill (Thomson Financial News)
- Emerging FX-Asia weakens despite U.S. bailout approval (Thomson Financial New)
- Dollar holds gains after Senate OKs bailout (Thomson Financial News)
- S.Korean won extends falls after bailout approval (Thomson Financial News)
- U.S. Senate approves $700 bln financial bailout (Thomson Financial News)
- Dollar o/n rates fall in Asia after US bailout approved (Thomson Financial News)
- Oil up after bailout vote but erases earlier gains (Thomson Financial News)
- US Senate okays Bailout, US House will vote on Friday (FXstreet.com)
- FOREX-Dollar climbs as US Senate votes on $700 bln bailout (Thomson Financial News)
Published on Thu, Oct 2 2008, 12:40 GMT
Archive
- The Fed creates commercial paper−buying facility
Published On Tue, Oct 7 2008, 14:15 GMT - Europe reacts to the global crisis
Published On Tue, Oct 7 2008, 09:11 GMT - Will there be a European Bailout plan?
Published On Mon, Oct 6 2008, 06:53 GMT - The US House approves the Financial Bailout plan
Published On Fri, Oct 3 2008, 17:35 GMT - The Bailout Plan: 2 rounds done, one to go
Published On Fri, Oct 3 2008, 10:46 GMT
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