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
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- EUR/JPY: US Senate approves Bailout Plan (FXstreet.com)
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