Obama not making new fiscal cliff offer – RTRS

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Obama will begin a meeting on the fiscal cliff momentarily.

According to a Reuters source he will not make a new offer but will lay out an approach he thinks can pass through Congress. If the leaders don`t support his plan, Obama will ask for a counterproposal.

Obama`s plan includes tax hikes for earners above $250,000, an extension of employment insurance and other issues, according to the source.

It sounds like the same old stories, stocks are unhappy.

Author: Adam Button

Adam Button is the managing editor of ForexLiveâ„¢. He was previously the chief currency strategist at XForex and has also worked with Intermarket Strategy. Adam believes there's an edge in knowing every tidbit of news. He was formerly the head of the markets team at the Canadian Economic Press and is a graduate of Ryerson University. Adam lives in Montreal, follow him on Twitter: @FX_Button.

6 Comments

  1. E/$ seems to be happy… E/Y too !

  2. Risk off no??? Cable up at highs of day…. Anyone shed light?????

  3. Hi Adam, any ideas why cable is so strong today? it just made new highs for the day

  4. I’m afraid we can get a Buy the rumour Sell the fact and if we have a mini deal at last minute, we could have a risk-off scenario coming…

  5. I am struggling with implications for main currencies as well.

    No agreement should be risk off and positive for the dollar. But how can it be bloody positive for the dollar if US would dive into recession?

    Greetings
    A Newbie

  6. it is extremely difficult to track down the reasons for moves at this time of year.

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