Nothing significant happening in the FX market just yet, though the USD continues to slide slowly as more details emerge on President Obama’s new jobs plan.
- New deficit reduction plan will be ambitious
- $447 billion jobs plan; money to hit economy in 2012
- Payroll tax cuts adding $240 billion of stimulus
- $50 billion for roads; $10 billion to capitalise infrastructure bank; $35 billion for state and local governments to pay essential services
(Headlines over Reuters)
These are proposals at this stage and need to pass through both Houses; given what happened during the debt-ceiling negotiations I would say there’s two Hopes of that happening, one of whom’s Bob.
