at the start of the week, having snapped a six-day winning streak on Friday and pulling back from a six-month peak.Investors now await abetween U.S. President Joe Biden and House Republican Speaker Kevin McCarthy to discuss the debt ceiling on Monday.
Negotiations between the two sides broke off suddenly on Friday with Republican negotiators walking out of the meeting. Although talks eventually resumed, neither side cited any progress, knocking the dollar lower. Many currency analysts say brinkmanship is to be expected heading toward the ostensible "X-date" in early June, when the Treasury is likely to run out of money.
"Have we not seen this movie before?" National Australia Bank strategist Rodrigo Catril said in a client note, while Westpac strategist Sean Callow called it a "hiccup.
Westpac's Callow projects the index could drop toward 101 in coming days or weeks, "especially given ongoing ECB resolve on inflation."Friday officials need to "buckle up" for "sustainably high interest rates" in order to achieve its inflation target.
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