Investors traded nervously Tuesday as they kept an eye on Washington, where lawmakers are expected to vote this week on a deal to hike the US debt ceiling and avoid a painful default.
President Joe Biden and House Speaker Kevin McCarthy hammered out an agreement at the weekend that saw both sides give ground, a week before a June 5 deadline when the government is expected to run out of cash to pay its bills.
The left wing of the Democratic Party is equally unhappy that Biden agreed to any spending limits at all."I never say I'm confident what the Congress is going to do. But I feel very good about it," Biden said Monday, adding that he had spoken to lawmakers. "Voting on the US debt ceiling is expected to begin from Wednesday and there appears to be sufficient support to clear passage," said National Australia Bank's Tapas Strickland.
Investors are also gearing up for the release of key US jobs data due Friday, with fears that a strong reading will put further pressure on the Federal Reserve to continue lifting interest rates as it struggles to rein in inflation.
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