Dollar hit by budget deadlock
Tuesday 07 November 1995
The delay on note auctions follows a refusal by the Republicans in Congress to raise the debt ceiling, as a bargaining lever to force President Clinton to bow to their plans for balancing the federal budget within seven years.
The dollar closed in London at DM1.41, against 1.4160 late on Friday in New York. The London close against the yen was Y102.9, down on 103.90 late on Friday in New York.
The Treasury auction of $31.5bn (pounds 19.5m) in three and 10-year notes scheduled from today and tomorrow is now likely to be postponed because it would force the Treasury through the $4.9trillion national debt ceiling. Most traders expect the government to avoid default, by arranging a temporary debt limit increase.
A default would raise US borrowing costs, and might prompt overseas investors to cut their holdings of US assets.
The party's potential nominations read like a high school race for student body president
- 2 The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
- 3 Ball pool for adults opens in London
- 4 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
- 5 Baldness could soon be treated using stem cells, scientists hope
Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
Ball pool for adults opens in London
Amal Clooney gives excellent response to fashion question at European Court of Human Rights
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...
Competitive salary & benefits!: MBDA UK Ltd: MBDA UK LTD Indirect Procurement...