With the 2014 fiscal year set to begin tomorrow, Congress has yet to approve a U.S. federal budget. Democrats and Republicans must reach an agreement before midnight tonight or numerous federal agencies will be closed. In addition to the budget deadlock, discussions concerning the country's debt ceiling will no doubt provide us with a lively week. According to the most recent estimates, Washington will run out of funds on October 17 when the $16.7 trillion debt ceiling is reached. It's a good bet that yet another last-minute deal will be reached this year!
Asian and European stock exchanges are bearish at this time, and the futures market hints that Wall Street will follow suit at the opening bell. Bond yields and crude prices are also down. The USD/CAD pairing remains close to 1.03, with the loonie trading within a very tight range over the past week.
Several noteworthy economic announcements are scheduled this morning. Canadian GDP figures to be announced at 8:30 will have a substantial impact on the CAD. South of the border, The Chicago Purchasing Managers Index will be announced at 9:45 this morning and the Dallas Fed Manufacturing Outlook Survey will follow at 10:30. Wishing you a great day! Emmanuel Tessier-Fleury
Range of the day: 1.0255-1.0350
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NBC Daily Forex : September 30, 2013
Published 10/01/2013, 06:41 AM
Updated 05/14/2017, 06:45 AM
NBC Daily Forex : September 30, 2013
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