SMM

Foreign exchange analysts at JP Morgan said that after a series of central bank decisions this week, the foreign exchange market will begin to focus on the debt ceiling issue. According to analysts such as Arindam Sandilya and Patrick Locke, the foreign exchange market remains focused on risk, particularly bank stress and the debt ceiling, and they have noted in the past that Washington's dysfunctional events have historically tended to be bearish against the US dollar and a small number of other reserve assets (CHF, JPY, EUR, gold) but bullish for the US dollar against high beta currencies.