Singapore, May 18 (BNA): The dollar held near a seven-week peak on Thursday, after President Joe Biden and Republican congressman Kevin McCarthy worked to avoid a debt default, while the Australian dollar slipped after disappointing jobs data.
On Wednesday, Biden and McCarthy stressed their determination to strike a deal soon to raise the government’s $31.4 trillion debt ceiling, having agreed the day before to negotiate immediately after a months-long standoff.
US Treasury yields remained elevated in Asian trade after rising in the previous session, as investors sold safe-haven bonds following positive signs of debt ceiling negotiations. Yields rise when bond prices fall.
The emergence of Treasury yields helped push the US dollar higher. Against a basket of currencies, the dollar index settled near its highest level in seven weeks on Wednesday and last settled at 102.92.
ZHB