China Currency Moves To Affect US Debt (UBS)

China is moving towards deregulating its currency. This move is likely to have an impact on US debt. Art Cashin, director of floor operations at UBS Financial Services UBS, told CNBC, “We’re going to go to the second-tier resistance this morning, which is around 1,128 to 1,131 on the S&P. I’m not so sure that the Chinese move is an unalloyed victory, however, it's putting some pressure on Treasury bonds and it may mean we’re going to have a little bit more difficulty funding some of those deficits.” He also said that he will be watching for weekly jobless claims figures, which are due this Thursday.