Obama S Holiday Cut Short With Fiscal Cliff Desperation
An exciting week ahead starting with the Japanese elections over the weekend, don't miss out on the SmartTradeFX blog keeping you up to In an effort to find an immediate solution to the fiscal cliff crisis, President Obama has left his Christmas vacation in Hawaii early and is set to return to Washington later today. The US House and Senate are also coming back into session today. Analysts still deem it extremely unlikely that a deal will have been reached before the end of the year.
The uncertainty pertaining to the fiscal cliff is weighing on the markets with the Aussie falling against most of its major peers, sliding 0.3% against the greenback.
Meanwhile, gold futures have also eased down for the first time in five days. If a deal is not met approximately $600 billion in tax increases and spending cuts will take effect on January 1st and the US could fall back into recession, dragging the world down with it.