26 Sep 2013
Heading into the US session, attention remains on debt ceiling stand-off
FXstreet.com (London) - Heading onto the US open, attention remains on the US fiscal outlook having soaked up the effects of the Fed holding back on any tapering of its monthly asset purchases.
US debt ceiling worries continue unabated, after Treasury Secretary Jack Lew warned that the US will hit its debt ceiling by October 17 unless an agreement can be formed to allow an extension.
Republican Senator Ted Cruz’s marathon 22 hour speech on the Senate floor that concluded yesterday will have done nothing to provide encouragement that Congress can arrive at a swift resolution to the debt ceiling stand-off.
Barack Obama and the Democrats have refused to budge on demands from Republicans that any raising of the debt ceiling should be tied to spending cuts, including a one year delay in the implementation of Barack Obama’s controversial Affordable Care Act.
Initial jobless claims data is due later today. But with the last two weeks’ data rendered useless by a failure of California and Nevada to report due to computer upgrades, the numbers could be pointless even if they show the expected rise to 325k.
Second quarter GDP figures and personal consumption numbers are expected to be revised upwards by 0.1 percent.
Pending home sales are also due out today, where there is a consensus expectation of a 1 percent fall, compared with a 1.3 percent fall in July.
US debt ceiling worries continue unabated, after Treasury Secretary Jack Lew warned that the US will hit its debt ceiling by October 17 unless an agreement can be formed to allow an extension.
Republican Senator Ted Cruz’s marathon 22 hour speech on the Senate floor that concluded yesterday will have done nothing to provide encouragement that Congress can arrive at a swift resolution to the debt ceiling stand-off.
Barack Obama and the Democrats have refused to budge on demands from Republicans that any raising of the debt ceiling should be tied to spending cuts, including a one year delay in the implementation of Barack Obama’s controversial Affordable Care Act.
Initial jobless claims data is due later today. But with the last two weeks’ data rendered useless by a failure of California and Nevada to report due to computer upgrades, the numbers could be pointless even if they show the expected rise to 325k.
Second quarter GDP figures and personal consumption numbers are expected to be revised upwards by 0.1 percent.
Pending home sales are also due out today, where there is a consensus expectation of a 1 percent fall, compared with a 1.3 percent fall in July.