Dollar strong as US debt talks are underway

October 11, 2013

The US dollar rose for a fourth straight day against the yen on Thursday while Asian equity  markets made sharp gains as investors cheered on the news that  Republican and Democratic lawmakers are working towards a path to agree to a short-term increase in the debt ceiling.

There are hopes the two sides will negotiate a deal to avert a default on October 17 which is when the debt ceiling will be reached and the US is at risk of default.

Market sentiment is more risk-on today as these talks go on. The regional stock index in Asia jumped 1.2 percent today.

The dollar climbed to 98.48 yen compared to 98.17 late Thursday. The dollar has climbed 0.5 percent this week, the biggest gain among G10 currencies.

The euro fetched $1.3538, from $1.3524 on Thursday, but there was essentially little changed.

Sterling  is up slightly today and bought $1.5989 compared to Thursday’s $1.5970. 

The Australian dollar is doing well at 94.76 U.S. cents, from 94.62 U.S. cents. Aussie could see more gains after China data tomorrow on imports.

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