Monday, May 29, 2023

The dollar began to rise on Friday in anticipation of a debt agreement in the United States

At the end of the third week of May, the dollar moved higher despite optimism over a resolution to the debt crisis in the United States, which has the necessary funds approved for its obligations until June 1.

Minutes after resuming operations in Colombia, the dollar opened at $4,511.50, below the market representative rate (TRM) at $4,521.64 for this Friday, May 19. However, after the first few minutes of trading, the dollar had already climbed over $4.

Brightness in the markets

Markets welcomed optimism that leaders in Washington are close to a deal to raise the debt ceiling, spurring a broad rally in stocks from Europe to Japan on Friday.

The DAX index was on course for its first high since January 2022, oil would end its best week since mid-April and the Nikkei 225 closed at a 33-year high as momentum turned on Wall Street. S&P 500 futures climbed 0.3% after the gauge hit a nine-month high on Thursday.

In a call from Japan early Friday, President Joe Biden told his negotiating team he was confident Congress would act in time to prevent the default, according to a White House official. House Speaker Kevin McCarthy and Senate Majority Leader Chuck Schumer plan to vote on the bipartisan deal in the coming days.

Oil advance

Oil was headed for its first weekly gain in more than a month on optimism that the United States would reach an agreement to raise its debt limit and avoid a catastrophic default.

West Texas Intermediate (WTI) futures climbed above $72 a barrel, extending this week’s gains to nearly 3%. US House Speaker Kevin McCarthy said later this week negotiators could reach an agreement in principle.

Nation World News Desk
Nation World News Desk
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