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Forex Flash: White house meeting highlights need for progress – UBS

By FXstreet.com,  December 28, 2012, 06:40:00 AM EDT

FXstreet.com (Barcelona) - Today's meeting at the White House is likely to be a key focus of market attention. Boehner, Reid, McConnell and Pelosi are all due to attend. This smacks of a last-ditch attempt to find common ground ahead of the Dec. 31 cliff deadline, and so investors will need to see some kind of proposal emerge or risk appetite could falter afterwards. US stocks would likely bear the brunt of any sell-off, making the Australian dollar in particular especially vulnerable.

According to Research Analyst Gareth Berry at UBS, "The US confidence report published yesterday shows that the approaching cliff is starting to hurt consumer sentiment. However, we continue to believe that a deal will eventually emerge between now and early January, but perhaps not before the deadline passes."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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