US stock futures rallied and the dollar gained after President Barack Obama announced that the Democratic and Republican leaders of the Senate had reached a deal to raise the nation’s debt ceiling and avert a default.
Republicans and Democrats may vote today on the measure, which would raise the US$14.3 trillion debt ceiling through 2012, cut spending by about US$1 trillion and call for enactment of a law shaving a further US$1.5 trillion from long-term debt by 2021.
Dow Jones Industrial Average futures rose 67 points to 12,260, while S&P 500 futures climbed 17.70 points to 1,306.30, and Nasdaq 100 futures rose 34 points to 2,388.
The dollar rallied from near record lows against the Swiss franc and the yen. The dollar index, which tracks the US currency versus six major currencies, was up 0.2% at 73.87.
The dollar jumped to 77.57 yen as of 11:44 a.m. in Tokyo from 76.76 yen on July 29 in New York, a record low for a closing level. It climbed to 79.29 Swiss centimes from 78.55 last week, when it touched the weakest-ever level of 78.51.
The greenback traded at US$1.4384 per euro from US$1.4398.
The yen weakened against all of its major counterparts while the euro fell against 13 of its 16 major peers.
The euro jumped 0.8% to 1.14053 Swiss francs after touching a historic low of 1.12724 francs. The 17-nation currency advanced 1% to 111.66 yen.
Gold dropped from a record peak and crude oil futures advanced from a two-week low in New York.
Spot gold lost as much as 1.3% to US$1,607.45 an ounce, and traded at US$1,613.35 at 9:45 a.m. in Singapore.
Spot gold, which reached an all-time high of US$1,632.80 on July 29, advanced 8.5% last month on concern that sovereign-debt crises in the US and Europe may derail the global economic recovery.
Gold for December delivery in New York shed as much as 1.4% to US$1,608.20 after rallying to an all-time high of US$1,637.50 on July 29.
Spot silver fell as much as 1.2% to US$39.41 an ounce. Spot platinum gained 0.9% to US$1,796.13 an ounce, while palladium rose 0.6% to US$836 an ounce.
Crude oil for September delivery rose as much as US$1.59 to US$97.29 a barrel in electronic trading on the New York Mercantile Exchange and was at US$97.24 at 11:50 a.m. Sydney time.
The contract slipped US$1.74 to US$95.70 on July 29, the lowest settlement since July 14.
Oil prices gained 0.3% last month and are 20% higher the past year.
Brent oil for September settlement climbed US$1.44, or 1.2 percent, to US$118.18 a barrel on the London-based ICE Futures Europe exchange.
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