US President Biden: This deal is good news for the American people

US President Joe Biden tries to push back doubt about the recently agreed US debt ceiling extension during a press conference on late Sunday, early Monday in Asia, as he announces the progress in the talks with House Speaker Kevin McCarthy.

Also read: US President Biden, House Speaker McCarthy agree on tentative debt ceiling deal but the default still looms

Key comments

Just spoke with Speaker McCarthy, have reached bipartisan budget agreement that ready to move to Congress.

Agreement protects key priorities that congressional democrats and Biden have fought for.

Strongly urges both chambers to pass the agreement.

Did not make compromise on debt ceiling, made compromise on budget.

People will find he didn't make too many concessions.

Would cause more controversy getting rid of the debt limit.

I believe McCarthy negotiated in good faith.

I expect McCarthy has the votes.

Market reaction

The news allows the US Dollar to remain firmer despite the late Friday’s corrective bounce and initial solution to the default problem. With this, the EUR/USD retreats towards 1.0700 at the latest, falling towards the 10-week low marked the previous day.

Also read: EUR/USD retreats towards 1.0700 despite initial US debt ceiling deal, US NFP, Eurozone inflation eyed