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Data and debt ceiling hoist US dollar
The dollar was firm on Wednesday, supported by a safety bid as the U.S. hurtled toward its borrowing limit and boosted after solid economic data had traders trimming bets on imminent rate cuts. The dollar hit a two-week peak of 136.69 yen overnight and hovered just below that at 136.35 early in the Asia session. It also broke above its 50-day moving average against the euro to trade at $1.0866 per euro. President Joe Biden and top congressional Republican Kevin McCarthy have edged closer to a deal to avoid a U.S. debt default - but nothing is clinched yet and ironically the risk the U.S. fails to pay debts has put a ... (full story)