Focus shifts to US jobs as the debt ceiling theater ends happily | MarketTalk: What’s up today? | Swissquote

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The US Senate approved legislation to suspend the US debt ceiling through 2024, meaning that the US won’t default by next Monday. The bill now goes to President Joe Biden who will… sign it!
US yields fell and the dollar tanked on optimism that the US’ debt ceiling theater is over, and despite a big beat on ADP print.
The US dollar fell sharply yesterday, pushing the EURUSD back above the 23.6% retracement level on September to April rally. While I am not confident that we will see soft US jobs data, a softer-than-expected figure could encourage a further recovery.
Optimism regarding the US debt ceiling deal, and the falling yields sent the S&P500 1% up yesterday, Nasdaq jumped around 1.30%. The S&P500 is up by more than 10% since the beginning of the year, but without the Big Tech’s contribution, the index would be up by just around 1.5% and would be much more vulnerable!
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