NZD/USD struggles to cheer debt ceiling deal around 0.6050 as NFP week begins with US holiday – by anilpanchal7 NZDUSD Politics RiskAversion NFP Fed
ial agreement on the US debt ceiling extension amid Monday’s holidays in major bourses. Additionally challenging the Kiwi pair buyers are the fears that the US President Joe Biden and House Speaker Kevin McCarthy’s deal may fail to pass through Congress. Even so, upbeat US data and hawkish Fed bets contrast with the Reserve Bank of New Zealand’s dovish hike to keep the Kiwi bears hopeful.
During the weekend, US President Biden and top congressional Republican McCarthy reached a tentative deal to raise the Federal government's $31.4 trillion debt ceiling through January 2025. The deal, however, lacks support from some of the extreme leftists and rightists due to the compromise each party had to do to reach the agreement. That said, the debt ceiling deal needs to pass through the House on Wednesday and the Senate by June 05 to avoid the looming ‘catastrophic’ default.
Elsewhere, US PMIs, the second estimate of the first quarter 2023 Gross Domestic Product , Durable Goods Orders and the Core Personal Consumption Expenditure Price Index for the said month, known as the Fed’s preferred inflation gauge, marked upbeat details in their latest readings. On Friday, US Durable Goods Orders for April came in better-than-forecast to 1.1% from 3.3% prior, versus -1.0% expected.
It should be noted that International Monetary Fund Managing Director Kristalina Georgieva stated that the US interest
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