Late Tuesday night, a White House Official conveyed the news of US President Joe Biden’s cancellation of a scheduled trip to Chicago while preferring to lead the negotiation for his legislative agenda on Wednesday, per Reuters.
Market sentiment worsened after US Democrats’ failure to extend the debt limits pushed Treasury Secretary Janet Yellen towards warning of empty pockets by October 18.
FX implications
The news helps S&P 500 Futures to print mild gains amid hopes of a possible deal over the much-awaited headlines, namely US stimulus and debt limit extension. However, concerns over China challenge the bulls amid a quiet Asian session on Wednesday.
Read: AUD/USD drops back towards monthly support near 0.7200 on risk aversion
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD stays near 1.0650 after German and EU PMI data
EUR/USD continues to trade at around 1.0650 in the European session on Friday. The PMI data from Germany and the Eurozone showed a recovery in the service sector's business activity in early August, helping the Euro hold its ground.
GBP/USD trades deep in red near 1.2250 after UK data releases
GBP/USD stays on the back foot and trades deep in negative territory at around 1.2250 on Friday. Following the disappointing Retail Sales data from the UK, August PMI surveys showed that the private sector's business activity continued to contract, weighing on Pound Sterling.
Gold rebounds but not out of the woods yet
Gold price is recovering ground from the weekly low of $1,914 ahead of a busy Friday, packed with preliminary global PMI data releases. The United States Dollar (USD) is taking a breather even though the US Treasury bond yields are setting fresh multi-year highs.
Space ID price succumbs to selling pressure with $3.54 million worth of ID tokens unlocked in a cliff event
Space ID (ID) price is down 5% in the last 24 hours, succumbing to selling pressure as token holders close their positions to avoid being caught as part of exit liquidity.
US S&P Global PMI Preview: A crucial report in a data-dependent era Premium
The US economic performance is stronger compared to other economies like the Eurozone, as reflected in the PMIs. On Friday, new preliminary data for September is expected to show a modest improvement in both sectors in the US and the Eurozone.