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Forex: Hope of a US Debt Deal Rallies Dollar, S&P 500

Forex: Hope of a US Debt Deal Rallies Dollar, S&P 500

2013-10-11 03:18:00
John Kicklighter, Chief Strategist
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Talking Points:

• Reports that the US may buy 6 more weeks to work on the debt ceiling rallied the S&P 500 and Dollar

• While relief seems within reach, the market may not simply return to its 'climb at any cost' ways

• High-carry yen crosses and CHFJPY are prime 'risk on'pairs - GBPUSD, GBPUSD and AUDNZD Don't Need Risk

Find help with your trades and trading strategy from DailyFX analysts with DailyFX on Demand.

A surge in risk trends and the dollar indicated the market's optimism that the United States is closing in on a debt ceiling resolution. US equities posted their biggest rally since the surge that opened 2013, and the dollar managed its first two-day rally in five weeks as headlines suggested House Republicans and the US President were warming to a short-term extension of the impending debt deadline. Not yet approved and a temporary solution, it seems the market is ready to rally. However, traders need to assess just how big any swell in sentiment will be in a situation that merely 'averts disaster'. We discuss this fundamental development along with key trade updates (USDJPY, CHFJPY, AUDJPY, GBPUSD, GBPAUD and others) in today's video.

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