Trump may act on his own friday amid aid-talks stalemate - Bloomberg

Ross J Burland FXStreet

There had not been any progress to show for the US fiscal negotiations on Thursday.

However, stocks were revitalised when in the mid-US-afternoon, there were headlines saying that Speaker Pelosi believed progress was being made helped turn markets around.

However, in recent news, the US has Senate adjourned for the week and will be out until 3 pm et Monday.

McConnell says he's keeping the Senate in session in August for a deal on coronavirus bill, but no votes are scheduled.

Meanwhile, the US President Donald Trump said that he may act on his own Friday amid the aid-talks stalemate, according to Bloomberg reports.

President Donald Trump said he expects to sign orders on Friday or Saturday extending enhanced unemployment benefits and imposing a payroll-tax holiday as lawmakers have been unable to reach agreement on stimulus legislation that includes those measures.

Trump, speaking to reporters Thursdaybefore leaving on a trip to Ohio, said he also expects to sign orders on eviction protection and on student loan repayment.

Unilateral action by Trump likely would set up a legal fight over presidential authority. The president made the comments after House Speaker Nancy Pelosi said talks on a new virus relief package were making progress, though the two sides still have major differences.

Market implications

Nasdaq 100 hits fresh record highs above 11,000

We have seen gain after gain on Wall Street regardless of the deadlock. Sentiment trumps hard data and facts this year - how long can that last is the question bears have been asking for a long time?

The Nonfarm Payrolls data could be a pivotal point for markets if they point to a reversal and suggest a longer road ahead before the so-called v-shaped style recovery that bulls have been pricing into their portfolio positioning during the covid crisis.

more on this here: Nonfarm Payrolls Preview: Hints point to an awful July

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD risks a deeper drop below 1.1750

EUR/USD keeps its vacillating mood in place as the the NA session drwas to a close on Tuesday, hovering below the 1.1800 hurdle amid acceptable gains in the US Dollar. In the meantime, market participants and the FX galaxy are expected to closely follow President Trump’s SOTU speech around 2AM GMT.

GBP/USD regains 1.3500 and above

GBP/USD extends its advance for the third day in a row on Tuesday, this time retesting the area beyond the 1.3500 hurdle. Cable’s uptick comes despite decent gains in the Greenback and the dovish message from the BoE’s Bailey at the UK Parliament.

Gold appears offered around $5,150

Gold is giving back a good portion of the recent multi-day rally, receding to the $5,150 zone per troy ounce amid the decent bounce in the US Dollar and mixed US Treasuty yields. In the meantime, markets’ attention remain on upcoming comments from Fed speakers.

Australia CPI to highlight persistent price pressures, backing a hawkish outlook

Australia will release its key set of inflation figures for the month of January on Wednesday, with the Consumer Price Index expected to rise by 3.7%, slightly lower than the 3.8% in the last month of 2025.

The Citrini report: How a debatable AI narrative can shake Wall Street

That AI-related headline alone was enough to rattle investors.US stocks slid sharply on Monday after a widely circulated Citrini Research memo outlined a hypothetical “2028 Global Intelligence Crisis”, warning that rapid AI adoption could push US unemployment into double digits as early as by mid-2028.

XRP pressured by weak ETF flows and declining retail interest

Ripple (XRP) is edging lower, trading above its intraday low of $1.32 at the time of writing on Tuesday. The decline from its weekly opening of $1.39 reflects heightened volatility in the broader cryptocurrency market, accentuated by tariff-triggered uncertainty.