PREVIOUS TRADING DAY EVENTS 08 May 2023

Announcements 

The debt ceiling, or debt limit, is a law that limits the total amount of money the government can borrow to pay its bills and includes paying fed salaries, medicare, military and interests on the national debt. The U.S. Congress votes to raise or suspend the ceiling so it can borrow more. A limit was breached in January but the Treasury Department used extraordinary measures to provide the government with more cash. However, now they found out that the U.S. government could start running out of money within weeks unless it allows itself to borrow more.

If the debt ceiling is not raised and no agreement is reached, the U.S. could default on its debt. Treasury Secretary Janet Yellen is reaching out to U.S. businesses, CEOs and financial leaders with a warning, explaining the major disaster the default will cause to the U.S. and global economies according to media sources.

Talks on the issue should not take place with a gun to the head of the American people, Yellen said in a pointed reference to Republican lawmakers insistence on tying a debtceiling increase to sweeping spending cuts that Democrats oppose.

President Joe Biden insists that Congress has a constitutional duty to raise the debt ceiling.

httpswww.reuters.combusinessyelleniscallingceospersonallywarnusdebtceilingsources20230508

Summary Daily Moves Winners vs Losers 08 May 2023

NZDUSD managed to come on top of the winners list yesterday with a…