The US Senate voted to end debate on the health care bill that has been slowly working its way through the Congress for much of 2009. Overcoming this procedural hurdle will allow the bill to come to a vote later this week. Its passage in Senate will then send the bill to the House where massive differences will have to be ironed out before final passage. The vote late last night reminds the markets that the US deficit is unlikely to close much in coming years even if the economy (and tax receipts) recover as public expenditures continue to surge.
EUR/USD trades on a firm note in early US trade at 1.4363. EUR/USD looks like it is trying to put in a short-term bottom at around 1.4260. Hourly downtrend resistance comes in at 1.4415.
