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.

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