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Investors unimpressed after US Congress pass a short term deal

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US Dollar

The US Dollar fell against the majority of its peers after the US Congress passed a short-term deal to end the government shutdown and raise the nation’s debt ceiling. Despite the deal, investors were left unimpressed as it now paves the way for more political uncertainty later in the year and at the start of 2014. Against higher-yielding currencies the Dollar remains weaker as investors weigh up the impact of the government shutdown on growth and the Federal Reserve’s plans over its stimulus measures.

Pound Sterling

The Pound has strengthened against the US Dollar after the US Congress agreed to a short-term deal over the debt ceiling, averting a default. The currency was also supported as economists await the release of data which is expected to show that retail sales in the UK increased in September.

The Euro

The Euro followed most of the other currencies higher against the US Dollar after the American currency was broadly weakened by the deal reached by Congress to avert the world’s largest economy defaulting on its debts.

Investors remain concerned over the economic impacts of the government shutdown and the possibility of another debt crisis, as the temporary solution does not resolve the underlying budgetary issues dividing the Republican and Democrat parties. The Euro weakened against the Pound on expectations that the regions latest current account data will show a fall in its surplus whilst UK retail sales improved.

Australian Dollar

The ‘Aussie’ leapt by a quarter of a US cent against the ‘Greenback’ following the announcement of the last-minute deal to temporarily extend the USA’s debt ceiling. The agreement boosted demand for riskier higher yielding assets benefitting the Australian currency.

New Zealand Dollar

The ‘Kiwi’ followed its Australian relation higher as the debt ceiling agreement in the US bolstered demand for riskier assets. As a result of the deal struck in the US and the effect of the government shutdown on the US Dollar the New Zealand Dollar climbed to five-week highs.

Canadian Dollar

The Canadian Dollar climbed to a one-week high after US senators reached a deal to end the government shutdown and raise the debt ceiling of Canada’s biggest trading partner. The currency also found support after the value of Canada’s biggest export of crude oil increased.

South African Rand

The Rand firmed against the US Dollar after receiving a boost from increased demand for riskier assets as a result of the deal in the USA. The currency’s gains were limited however after news emerged yesterday that South Africa had been hit by one of the largest cyber-fraud attacks in history with tens of millions of Rand lost as a result.

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