John Authers, Columnist

Dollar’s Bounce May Slam Into Debt Ceiling

But the bigger question is whether US consumers are finally running out of spending power — which perversely could boost the currency further.

May 15, 2023 at 5:02 AM UTC

By John Authers

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

Treasury Secretary Janet Yellen last Friday on the sidelines of the G-7 meeting in Japan: The only good outcome is if Congress raises the debt ceiling. — Treasury Secretary Janet Yellen last Friday on the sidelines of the G-7 meeting in Japan: The only good outcome is if Congress raises the debt ceiling.
Photographer: Kiyoshi Ota/Bloomberg

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The US dollar is showing signs of revival. The week just gone was its best since the failure of SVB Financial Corp. in March started the current wave of concern over US banks. For the first time in two months, the currency is trading above its 50-day moving average, suggesting the short-term trend is upward.