Dollar Plunges as Obama, Boehner Speak on Deficit; Finger-Pointing Text

Tonight president Obama and speaker Boehner gave back-to-back speeches pointing the finger at each other as to who is to blame for the debt crisis. I did not think much of either speech, neither did the Forex markets.

MarketWatch reports Dollar plunges after Obama, Boehner speak on debt

Speaking from the White House Monday evening, Obama urged congressional leaders to give him a “fair compromise” about cutting the deficit and raising the U.S. debt ceiling in “the next few days.”

The dollar initially fell against the yen as Obama spoke, to ¥77.96 from ¥78.24 before the speech, but it pared losses as he finished his remarks.

The greenback resumed against the yen its fall as U.S. House Speaker John Boehner spoke, supporting a Republican plan to end the debt stand-off.

Text of Finger-Pointing Speeches

• Barack Obama’s speech as delivered


• Speaker Boehner’s remarks, as prepared for delivery

US Dollar Index



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Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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