Forex Today: Debt limit deal faces hurdles; key events ahead for the Aussie

and retail trade data. Chinese PMIs and the New Zealand ANZ May Activity Outlook are also due. Later in Europe, attention will turn to French and German inflation data. The debt ceiling drama remains unresolved, and Wednesday is supposed to be the day of the Congressional vote.The debt ceiling deal struck between US President Biden and House Speaker Kevin McCarthy is facing hurdles and weighing on market sentiment. US stocks finished mixed, and Treasury yields dropped sharply.

The US dollar posted mixed results, affected by lower yields while at the same time, commodity and emerging market currencies were affected by risk aversion.in the US dropped in May but less than expected. The focus on Wednesday will be on the debt ceiling, and then, if Congress delivers, attention will turn to employment data. Many Federal Reserve officials, including Harker and Bowman, are scheduled for public appearances on Wednesday, and the central bank will publish the Beige Book.

The yen outperformed after the announcement of an emergency meeting between the Ministry of Finance, the Bank of Japan, and Financial Services Agency; also favored by the decline in government bond yields.hit two-month highs at 0.9082 and then pulled back modestly. Switzerland reported 0.6% Q1 growth, but the KOF Leading Indicators plummeted from 96.1 to 90.2 in May. Retail sales data is due on Wednesday.failed to break above 0.6550 and pulled back towards 0.6500.

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