Debt Ceiling Hopes Lift Dollar to 7-Week Peak

Debt Ceiling Hopes Lift Dollar to 7-Week Peak
A U.S. dollar note (bottom) alongside an Australian 10 dollar (L) and 20 dollar bill in Washington on Oct. 14, 2010. Jason Reed/Reuters
Reuters
Updated:

LONDON—The U.S. dollar hit a seven-week peak on Thursday after President Joe Biden and top U.S. congressional Republican Kevin McCarthy worked towards avoiding a damaging debt default, while investors scaled back Federal Reserve easing expectations.

Biden and McCarthy on Wednesday underscored their determination to strike a deal soon to raise the government’s $31.4 trillion debt ceiling, having agreed a day earlier to negotiate directly after a months-long standoff.