Friday saw the common currency of the European Union slip against the world's reserve currency as a consequence of yet another snag arising on the U.S. political landscape as the nation's leaders encounter additional trouble in the effort to resolve the fiscal cliff debacle, Reuters reports.
The back-up plan proffered by Speaker of the House John Boehner did not muster enough support, raising concerns about whether the fiscal cliff will be settled prior to the end of the year. Once the sun rises on 2013, at least $600 billion in spending cuts and tax hikes are slated to impact the nation hosting the globe's largest economy.
"The market volume is thin amidst all these uncertainties, and the year is coming to an end. Many of the investors prefer to take profits and just leave the market," managing director Brian Lan with GoldSilver Central Pte Ltd in Singapore told Reuters on Friday.
Should U.S. leaders be unable to resolve the fiscal cliff crisis, the likelihood rises that the nation will backtrack into an economic recession next year.
Euro zone consumer spending is projected to remain weak next year but Italian consumers and French businesses are more optimistic, according to The Wall Street Journal.
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