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4 Mar 2020

US House passes roughly $8 billion bipartisan emergency funding deal – NBC

Following the Fed rate cut and a change to capital rules, the US policymakers unveiled new plans to provide roughly $8 billion emergency funding bill to fight the coronavirus, as per the NBC news.

Key quotes

The bill, which passed by an overwhelming majority, provides $7.8 billion to fight the coronavirus and includes a mandatory funding authorization for $500 million over a 10-year period to be used toward a remote health care program.

The bill includes a provision that requires that funds are only used to fight the coronavirus and other infectious diseases as some Democrats feared that the Trump administration could raid the funding and use it for other unrelated purposes.

Trump had submitted a $2.5 billion request to Congress to combat the virus, but Democrats quickly said that that amount would be insufficient. Sen. Chuck Schumer, D-N.Y., responded with an $8.5 billion proposal. Schumer said Tuesday that he expected the final deal to be between $7 billion and $8 billion.

Trump said separately at an event in Washington on Tuesday morning, ‘It looks like they're going to give us $8.5 billion,’ and added, 'I think I should say, 'I'll take it.'

FX implication

It can be considered as an additional boost to the recent risk reset, US dollar recovery. As a result, the USD/JPY extends the recovery from a multi-week low to 107.55 after the news.

Mar 4, 2020

Forex Today: Central Banks in step, BoC cuts 50bps, RBNZ next?

Here's what you need to know for Thursday 5th March: It was the second 1000+ point tally for the DJIA in its 124-year history on Wednesday as markets
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Mar 5, 2020

USD/JPY benefits from risk reset, US dollar pullback despite coronavirus fears

USD/JPY extends recovery from five-month low while taking rounds to 107.55 during the early Thursday morning in Asia. The US dollar manages to recover
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