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The dollar was mixed versus other major currencies on Tuesday as traders moved to defensive positions after Wall Street reacted negatively to Treasury Secretary Tim Geithner’s plan to attack the financial crisis.
The major tenets of the plan include requiring banking institutions to go through a “comprehensive stress test,” which will allow the government to have a better idea of which institutions need additional capital. However, the markets wanted something more concrete.
Meanwhile, the U.S. Senate passed an $838 billion fiscal stimulus plan Tuesday by a vote of 61-37. The measure passed a key procedural hurdle Monday evening when the stimulus garnered 60 votes needed to pass cloture. The legislation is now one step closer to President Barack Obama’s desk, as both
bodies of Congress - the House and the Senate - must now reconcile their two versions of the bill. Read more..
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