Mar 1, 2013
Forex Flash: Overnight sequestration reconciliation has failed – UBS
Last ditch attempts to avert the onset of automatic spending cuts failed in the US Senate overnight. In particular, two bills (one Republican-sponsored, the other from the Democrats) failed to secure enough support and US equities responded by weakening into the close. According to Research Analyst Gareth Berry at UBS, “The stage is now set for the US dollar to benefit from a gradual increase in risk aversion over the coming weeks.”
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