The US dollar was bought back as fears eased over the US debt ceiling

October 15, 2013

The market consensus is bullish that a deal will be reached in Washington that would avert a US default on its financial obligations. Also there is optimism this deal would end the government shutdown, at least temporarily, allowing the government to resume operations after being closed for two weeks.

The US dollar was bought back as fears eased over the US debt ceiling. Last week investors were worried that a default could lead to severe damage to the global economy. 

The dollar gained 0.5 percent to hit a one-month high against a basket of six major currencies. 

Against the safety of the Swiss franc, the greenback reached a one-month high of 0.91455 francs. Against the yen, dollar has been in range after hitting a two-week high twice today at 98.68 yen.

The euro was not helped by strong German Economic Sentiment which rose to its best level in over three years. Euro fell to $1.3478 after an 80 pip tumble.

Sterling rose early in the session after British inflation data came in slightly higher than expected according to a report from Office for National Statistics.  Annual consumer price inflation was 2.7 percent in September, unchanged from August, confounding economists' forecasts for a slight dip to 2.6 percent. 

However soon after the data the pound fell against down 0.2 percent $1.5955,after  having hit as high as $1.6010 after the data

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