The US Senate has enough votes to approve a temporary govt funding bill

Ross J Burland FXStreet

The US Senate has enough votes to approve a temporary govt funding bill to avert a shutdown on Friday; voting is ongoing in a game on brinksmanship at Congress.

The stopgap measure, known as a continuing resolution, was expected to pass the Senate with bipartisan support.

Congress had to approve a funding bull by the end of today or the government would shut down.

This follows Senate Majority Leader Chuck Schumer announcement on Wednesday night that a deal had been on the funding measure after an earlier bill, which included a provision to suspend the debt limit through December 2022, was blocked by Republican senators this week.

The S&P 500 and the Dow tumbled on Thursday with worries over economic growth and a possible government shutdown. Democratic divisions have been imperilling President Joe Biden's agenda to invest in infrastructure, expand social services and address climate change.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.