No new news for the US Dollar is bad news as the August the 2nd deadline edges ever nearer. The White House and Congress are at loggerheads over the raising of the US national debt ceiling and just how to do it. US President Barack Obama has called the Republicans both “Reckless and irresponsible”, this was followed up by Republican House Speaker John Boehner accusing Obama of just wanting a blank cheque which he said was not going to happen. This type of news is currently weighing heavily on the US Dollar at the moment, but markets still seem fairly confident that an agreement will be made in time.
Although Sterling came under pressure early yesterday morning before the Q2 GDP data was released it has since managed to bounce back. Data released showed that the UK has grown by 0.2% in the last quarter which although is very sluggish is better than a negative reading. Many factors have been blamed for the low reading such as having an additional bank holiday for the Royal Wedding, sunny days, the Olympics and the Japanese Tsunami. The UK is experiencing its slower ever recovery in three quarters of a century but going forward with further problems in the Eurozone expected it looks as though Sterling is building itself a firm base to push on from.
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