After US Senate Majority Leader Chuck Schumer conveyed the absence of progress in the key debt-ceiling talks at the White House, the US Chamber of Commerce Officials also unveiled their disappointment with no movement. However, the diplomats also said, per Reuters, “Pleased US President Joe Biden, Congressional Leaders will meet again.”

“Clean bill cannot become law,” added US Chamber of Commerce Officials per the news while also saying that both parties should focus on areas where agreement is possible, like permitting and limits on future spending.

Also read: US Senate Democratic Leader Schumer: McCarthy refused to take default off the table

Market implications

The news exerts downside pressure on the sentiment and allows the US Dollar to remain firmer, especially ahead of the key US Consumer Price Index (CPI) data for April.

Also read: EUR/USD stays defensive near 1.0950 amid US default woes, hawkish Fed talks ahead of US inflation