Stock markets were mostly down and the dollar continued to fall as concerns persisted over U.S. government debt.

House Republicans may have reached some agreement on Trump’s flagship “Big, Beautiful Bill”, which has caused market concern over the deficit and raised downside risks for the dollar. There are tentative signs of stabilisation in Treasuries and US stock futures this morning, and the USD can find some support, but a sustained recovery looks unlikely

A bond sell-off and declining dollar signalled investor unease Wednesday as Washington lawmakers contemplated a tax-cut bill that could push up the US deficit.