US Averts Default & Bitcoin Stays Stable

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CAPITAL FLOWS IN GLOBAL MARKETS

In the midst of carefully watched last-ditch discussions on the US debt ceiling, the dollar gained, marking its third consecutive weekly rise on Friday.

MSCI's global stock index, which tracks shares from 49 countries, rose on Friday but was still down for the week.

Gold advanced from two-month lows, and oil prices rose.

Investors were calmed by progress reports in discussions between President Joe Biden and senior Republican in Congress Kevin McCarthy.

On Saturday, an agreement to increase the US federal government's $31.4 trillion debt ceiling was struck between the wrangling parties.

However, the agreement was publicised with little fanfare, reflecting the scathing tone of the discussions and the challenging route it has to travel through Congress before the United States runs out of money to pay its obligations in early June.