Loonie Up Essay

2064 words - 9 pages

Loonie Up as Traders Eye Progress on Fiscal Cliff Talks
1. Describe what the “fiscal cliff” is (in your own words…do not paraphrase):
The “fiscal cliff” has become a very popular term and has been one of the first and most important issues that have been placed on the palette of President Obama’s second run in office. Just using the two words given I conjure up a picture of a lot of money being sent, driven or otherwise tossed off the side of a very high mountain but that is not what it actually means, instead the fiscal cliff involves a combination of two things that have put the U.S government into quite a predicament. Those two problematic things are expiring tax cuts and government ...view middle of the document...

The President himself said that he believes both parties can reach a framework on a debt-cutting deal before Christmas. Optimism on the future is also another core message of this article.

Source Citied:
Malcolm Morrison. (2012, November 28). Loonie Up as Traders Eye Progress on Fiscal Cliff Talks.
Retrieved November 28, 2012, from the Globe and Mail. http://www.theglobeandmail.com/report-on-business/economy/currencies/loonie-up-traders-try-to-gauge-progress-on-fiscal-cliff-negotiations/article5750987/

Loonie Up as Traders Eye Progress on Fiscal Cliff Talks

The Canadian dollar shed early losses to close higher against the greenback Wednesday amid reassuring words about resolving a looming fiscal crisis in the United States.
The currency closed was ahead 0.29 of a cent to $1.0082 (U.S.). It had been negative earlier with traders inclined to avoid riskier assets following comments from Senate Majority Leader Harry Reid late Tuesday that there had been “little progress” in talks aimed at avoiding the so-called fiscal cliff in the U.S. at the end of next month.
Economists say the combination of steep tax increases and spending cuts would significantly cut economic growth and likely push the U.S. back into recession and damage other economies around the world as well.
But the tone turned more positive Wednesday morning after House Speaker John Boehner said he was optimistic that a budget deal can be reached with President Barack Obama and the Democrats.
Adding to optimism was a remark from Mr. Obama that he believes that members of both parties can reach a “framework” on a debt-cutting deal before Christmas.
And an administration official says two of Mr. Obama’s top negotiators on the fiscal cliff will meet separately on Thursday with top political leaders.
Early loonie weakness also reflected nervousness about another set of negotiations early in the new year that will aim to again raise the U.S. government’s debt ceiling.
There are also growing worries that Argentina may default on its debt.
Commodity prices were also off the worst levels of the session as January crude on the New York Mercantile Exchange dropped 69 cents to $86.49 a barrel.
December copper fell 1 cent to $3.52 while December gold declined $25.80 to $1,716.50 an ounce.

U.S. fiscal cliff: Economic effects will be felt in Canada, deal or no deal
1. Describe what the “fiscal cliff” is (in your own words…do not paraphrase):
The “fiscal cliff” has become a very popular term and has been one of the first and most important issues that have been placed on the palette of President Obama’s second run in office. Just using the two words given I conjure up a picture of a lot of money being sent, driven or otherwise tossed off the side of a very high mountain but that is not what it actually means, instead the fiscal cliff involves a combination of two things that have put the U.S government into quite a predicament. Those two problematic things are expiring...

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