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Debt ceiling talks lead dollar near 7-week high

May 18, 2023

Biden and McCarthy yesterday Wednesday confirmed their intention to reach an agreement soon to raise the public debt ceiling to $ 31.4 trillion, after agreeing the day before to conduct direct negotiations after a stumbling block that has lasted for months.

A sudden rise in Treasury yields helped the dollar rise, and the dollar index, which measures the US currency against a basket of currencies, remained close to the seven-week high recorded in the previous session and rose. hit 102.86 last session.

The euro is under pressure, bringing it closer to its lowest level in six weeks at $1.0841. The single European currency hit $1.08105 on Wednesday, its lowest level since April 3.

The British pound fell about 0.09% against the dollar to $1.2475.

As for the Japanese yen, it hit 137.50 to the dollar in its last session, after falling around 1% yesterday Wednesday.

In the latest trades, the Bitcoin cryptocurrency fell 0.1% to $27,349.

Read the Latest World News Today on The Eastern Herald.

Arab Desk

Arab Desk

The Arab Desk leads The Eastern Herald's reporting on the Middle East and North Africa. The desk has covered the Gaza-Israel war since October 2023, the Iran-Israel war of 2025-2026, the fall of the Assad government in Syria, Hezbollah's political and military shifts in Lebanon, the war in Yemen, and the diplomatic realignment of the Gulf states under the Abraham Accords and the Saudi-Iranian rapprochement.

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