US shutdown ends and budget deal is signed

October 17, 2013

Risk sentiment was back in the markets after Washington lawmakers finally ended a 16-day government shutdown by voting on a budget deal, which also included raising the debt ceiling. This means the government averted a default since its borrowing authority that was due to expire October 17, has now been reinstated.

The Senate and House of Representatives singed an last minute deal just before midnight in Washington on Wednesday night and US President Obama signed the legislation thereafter.

Markets were relieved that the standoff in Washington has finally ended, as there were concerns in recent days that the US would default on its payments and cause turmoil in the markets across the globe.

Sentiment is more upbeat after the deal and risk currencies were buoyed.. The dollar hit a high of 99.00 yen, the highest since September 27 but soon fell back down by the end of the Asian session, down 0.3 percent to 98.50 yen. Euro is up 0.1 percent to $1.3549 and against yen it hit a high of 133.82 before easing back down.

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