Ongoing Stalemate sees U.S. Dollar Lower

The dollar was on the back foot against the yen and the Swiss franc in early Asian trade on Monday as the weekend produced little progress in Washington over the U.S. budget standoff, keeping the greenback stuck close to 8-month lows against a basket of major currencies.

Republican House Speaker John Boehner vowed on Sunday that there is “no way” Republican lawmakers will agree to a measure to raise the debt ceiling unless it includes conditions to rein in deficit spending.

The comment raised fear the U.S. congress and President Barack Obama could fail to reach a deal on raising the ceiling by Oct. 17, when the Treasury has estimated it will have run out of cash.


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