AUD/USD: Safety Bets Rise as Fiscal Cliff Talks Stall

The US dollar is seen to shine as an apparent stalemate on talks over averting a fiscal cliff is deemed to incite risk-off trades today. As the White House and Republican officials enter the final month of negotiations to avoid a year-end “fiscal cliff,” both sides struck an uncompromising tone yesterday, as warnings emerged that they will be unable to attain a deal to stop an automatic series of deep spending cuts and tax hikes that could tip the economy into recession.

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