Obama and members of his cabinet were able to strike a tax-cut deal with Republicans that would allow unemployed citizens to continue receiving benefits for up to 99 weeks. Additionally, Obama has temporarily extended tax cuts for households that receive more than $250,000 for two more years. This decision has irked the president's own party, who were expecting Obama to do away with "tax-cuts for the wealthy", which were originally instituted by the Bush administration. Simultaneously, the Republican party was also dissatisfied with the president's decision, and requested that the tax-cuts be made permanent. Traders were elated by the deal, with global markets rising broadly.
Despite recent data showing an increase in the unemployment rate, other economic indicators point to a rebound. Businesses that are closely correlated with housing construction, such as Home Depot, saw sales increase. The question Forex traders are asking themselves is with so much monetization of debt within the EuroZone and the United States, where is most profitable place to put their money. If the United States is able to make a faster recovery that European countries, that USD will likely appreciate over the short-term.
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