{"id":63881,"date":"2023-06-01T10:59:37","date_gmt":"2023-06-01T07:59:37","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=63881"},"modified":"2024-07-10T15:14:19","modified_gmt":"2024-07-10T12:14:19","slug":"the-debt-ceiling-baton-is-now-handed-over-to-the-senate","status":"publish","type":"post","link":"https:\/\/www.ironfx-id.com\/ar\/the-debt-ceiling-baton-is-now-handed-over-to-the-senate\/","title":{"rendered":"The debt ceiling baton is now handed over to the Senate"},"content":{"rendered":"

In yesterday\u2019s American session, the US House of Representatives voted in favour of passing the debt ceiling bill, with an overwhelming majority of 314-117, with broad bi-partisan support as the US rushes to avoid a potential default. The key takeaway, however, was the fact that the House Democrats outvoted the House Republics in favour of the bill despite House Speaker McCarthy\u2019s efforts, as such this could signal that in the future the speaker may be facing stauncher opposition from within his own party. Nonetheless, the bill will now be passed to the Senate which is expected to vote either today or tomorrow, in order to avoid a US default on the 5th<\/sup> of June ,which has been touted by Treasury Secretary Yellen as the revised \u201cX-Date\u201d. Furthermore, the release of the US JOLTS job openings figure for April, came in above the $10 million mark, halting a 4-month decline which may have provided support for the greenback, however following statements by Philadelphia Fed President Harker, that he was inclined to \u201cskip\u201d the next FOMC meeting in June ,with the FFF now anticipating a pause in the banks June meeting. As a result, the greenback\u2019s gains from the JOLTS figure may have been halted in its tracks, as traders now await the US ISM Manufacturing PMI figure for May. Across the pond, we highlight BoE\u2019s Mann\u2019s comments yesterday in which she highlighted that the inflationary pressures in the UK are greater than that of the Eurozone or the US, implying that there may be a need for further rate hikes by the bank in the future. Lastly, during today\u2019s Asian session, China\u2019s Caixing Manufacturing PMI figure indicated that the manufacturing industry was expanding whereas the NBS figure indicated that the industry was contracting, thus sending mixed signals to Aussie traders.<\/p>\n\n\n\n

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