Wednesday, December 19, 2012

Forex - GBP/USD, EUR/USD Flows: WSJ: GOP Unveils a 'Plan B' if Budget Talks Fail; Fiscal Cliff

Published at 02:28 (GMT) 19 Dec

GBP/USD, EUR/USD Flows: WSJ: GOP Unveils a 'Plan B' if Budget Talks Fail; Fiscal Cliff (BWPC5501)

WSJ: Despite progress toward agreement on a budget deal with the White House, House Republican leaders on Tuesday proposed a backup plan to prevent most Americans from facing an income-tax increase if negotiations collapse.

The "Plan B," which would allow tax rates to rise only for income over $1 million, was given little chance of passing Congress, because it faced opposition from Democrats broadly and some Republicans who oppose all tax increases. Instead, its introduction was seen by members of both parties as a largely tactical maneuver by House Speaker John Boehner. GOP officials said his goal was to step up pressure on President Barack Obama to make further concessions in budget talks,

On fX, ongoing focus on the budget talks, good to watch for any further progress, GBP/USD at 1.6253-55, supported on GBP/JPY buying to fresh 20-month highs 137.15-20 level. GBP/USD hit 2-month highs 1.6272 yest, but capped ahead of 1.6280-1.6300, by options interest at 1.6300, Bids at 1.6200-10 for now. EUR/USD at 1.3230-32, interest to buy on dips for break of 1.3250. WL

Source: http://www.fxstreet.com/technical/market-view/fxmarketalerts/2012-12-19.v02.html

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