Hopes for U.S. debt deal boost European stocks, dollar
Euro zone government bond yields also got a lift from the positive market sentiment, with the benchmark German 10-year yield at a 16-day high of 2.414% .
Kiran Ganesh, a multi-asset strategist at UBS, said markets were taking confidence from Biden's decision to cut short a trip to Asia in order to return to Washington on Sunday, and McCarthy saying that a deal this week was "doable"."Maybe that low probability got even lower, and removing that tail risk is a positive, because of course if you did get a default or delayed payments then that would likely tip the U.S. into recession.
China's yuan hit its weakest against the dollar since December, hurt by signs that the country's post-COVID economic recovery is slowing. U.S. initial jobless claims data are due later in the session. Recent economic data has raised expectations that the Fed will keep interest rates higher for longer, with some investors betting another hike in June is not off the table.
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