NBC Daily Forex : October 11, 2013
The National Bank of Canada | Oct 13, 2013 02:05AM ET
Talks between Democrats and Republicans concerning the budget standoff officially got underway yesterday. House Republicans proposed a plan to increase the debt ceiling, which President Obama neither accepted nor rejected, insisting that he wanted to settle the issue of the debt ceiling and the current government shutdown before tackling fiscal issues. The discussion was described as constructive according to various political leaders.
Boosted by the positive news out of Washington, U.S. stocks rode the wave of optimism to their best showing since January! The country's bellwether index, the S&P 500, gained an impressive 2.18%.
At home, Canadian Finance Minister Jim Flaherty commented yesterday on the current Federal Reserve policy, stating that he was not a fan of the quantitative easing program and that the Fed should wind it up as soon as possible. Flaherty will be meeting this afternoon with his other G-20 counterparts in D.C.
The week is wrapping up with interesting domestic news, as September's Jobs figures are to be announced this morning. Analysts expect unemployment to come in at 7.1% and 10,000 positions to be created for the month. Happy Thanksgiving! Philippe Shebib
Range of the day: 1.0340-1.0440
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