“The US House of Representatives will go on recess on Thursday as planned and members will be given 24 hours notice to return to Washington if a deal on raising the debt limit is reached,” said US House Majority Leader Steve Scalise on Wednesday.

The news also adds that members will get 72 hours to read any debt ceiling bill.

Even so, US House Speaker Kevin McCarthy also said that they (policymakers) could get a debt agreement in principle this weekend.

Market implications

The news adds to the market’s fears of a delay in getting the US debt ceiling extension deal, which in turn allows the US Dollar to remain firmer. That said, the US Dollar Index (DXY) rose for the third consecutive day to mark the highest levels since March 20 on Wednesday.

Also read: Forex Today: Dollar strengthens further, Kiwi tumbles