US dollar holds steady as United States government shutdown starts
REUTERS - The United States dollar held steady on Tuesday even though much of the US government was due to start shutting down after Congress failed to find a compromise on a bill to fund government operations.
Competing spending measures flew back and forth between Republican-controlled House of Representatives and Democratic-led Senate late into Monday night in Washington but Congress deadlocked over Republican efforts to use the temporary spending bill as a way to delay implementation of President Barack Obama's health care programme.
It comes a few weeks ahead of the next political battle to raise the federal government's debt ceiling. Failure to do the latter by mid-October could result in a historic US debt default that would threaten the US economy and send ripples around the globe.
S&P stock futures inched up 0.2 per cent, unchanged from earlier price action after the cash index fell 0.6 per cent on Monday, while US Treasury futures slipped 5 ticks.