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NBC Daily Forex : September 25, 2013

ByThe National Bank of Canada
Published 09/29/2013, 03:00 AM
Updated 05/14/2017, 06:45 AM

Barely a year ago, the topic of whether to raise the U.S. debt ceiling was front and centre in the news. Fast forward 12 months and Republicans and Democrats are once again at loggerheads over the same question. Unless a solution is found, Washington would be forced to default on its commitments, a catastrophic outcome for the world's leading superpower. However, if history is any indicator, raising the debt ceiling has been a regular occurrence. Now it remains to be seen whether history will repeat itself.

After several years of tensions in the Middle East and especially after the surge in energy prices brought on by the events of the past few months, crude prices have declined of late, falling to their lowest levels in eight weeks. Tensions between the U.S. and Iran also appear to be dissipating regarding the latter's nuclear program, with Iranian President Rouhani asking to meet with Mr. Obama. No leaders from the two countries have sat down at the same table in more than 30 years.

Further to the east, an earthquake struck Pakistan yesterday, with 210 dead at the time of publication. Due to the size of the quake, an island has emerged from the depths and risen to 6 to 12 metres above sea level.

On the economic front, today is shaping up to be a calm one on the markets. Wishing you a great day! Rana Karim

Range of the day: 1.0260-1.0340
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