The bar was set low for Kevin McCarthy, a newcomer to the speakership, while Joe Biden is an unpopular president who first refused to talk on lifting the debt ceiling. Also, the fact that they are on opposing sides in Washington s political fight makes their feat all the more remarkable
The US House overwhelmingly passed the package which slightly cuts government spending and suspends the debt ceiling till 2025. While both sides are unhappy, the Republicans are far more upset than the Democrats with some Freedom Party members already bringing up removing Speaker Kevin McCarthy
The U.S. dollar extended gains against its major counterparts in the New York session on Thursday, as the nation's jobless claims came in lower than expected last week and economic growth was revised upwards for the first quarter, bolstering hopes for a tighter monetary policy from the Federal Reserve.
The U.S. dollar weakened against other major currencies in the Asian session on Monday, following the remark's of Federal Reserve Chair Jerome Powell hinted that interest rates may not need to rise further.