|

US Treasury Sec. Mnuchin, Democrat Senate leader Schumer meeting again over coronavirus relief package

According to the US media reports, US Treasury Secretary Mnuchin and Democrat Senate Leader Schumer are meeting again over the coronavirus relief package.

When asked Mnuchin about the likelihood of seeking a package approved, he said they are getting close, “this close.”

This comes after “Partisan battles in the US Senate on Sunday stopped a coronavirus response bill from advancing, even as negotiations continued. By a vote of 47-47, a Republican bill failed to clear a procedural hurdle that required 60 affirmative votes. Democrats were pushing for more robust help for healthcare workers and others,” FXStreet’s Analyst Ross J. Burland noted.

Further, Reuters reports that the US Senate will vote again at 1345GMT on the same US Coronavirus economic relief package bill unless bipartisan deal is made.

US Senate leader McConnel said: “Fifteen minutes after the markets open and see whether there's a change of heart" when asked about the timing of the vote.

Market reaction

The above headlines fail to ease the market concerns, as the coronavirus rapid spread continues to hit the risk appetite.

S&P 500 futures are down over 4.5%, threatening USD/JPY to break below 110.00. The US 10-year Treasury yields are falling by 12% while the Asian equities are a sea of red, led by the declines in the Australian stocks. Japanese equities, however, defend minor gains so far.

Author

Dhwani Mehta

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

More from Dhwani Mehta
Share:

Editor's Picks

EUR/USD rises to 1.1800 neighborhood amid renewed USD selling and trade uncertainties

The EUR/USD pair regains positive traction during the Asian session on Wednesday and jumps to the 1.1800 neighborhood in the last hour, reversing the previous day's modest losses. The intraday move up is sponsored by the emergence of fresh US Dollar, which continues to be weighed down by persistent trade-related uncertainties.

GBP/USD remains stronger above 1.3500 following Trump’s State of the Union

GBP/USD remains in the positive territory for the fourth successive session, trading around 1.3510 during the Asian hours on Wednesday. The pair appreciates as the US Dollar remains subdued following US President Donald Trump’s first State of the Union address of his second administration before a joint session of Congress.

Gold stays firm above $5,150 as Trump's delivers State of the Union speech

Gold finds fresh demand and regains the $5,150 level following the previous day's pullback from the monthly peak as traders assess Trump's State of the Union address. Trade-related uncertainties and geopolitical risks seem to act as a tailwind for the safe-haven bullion. 

Bitcoin, Ethereum and Ripple post cautious recovery amid downside risks

Bitcoin, Ethereum, and Ripple are posting a cautious recovery on Wednesday following a market correction earlier this week.  BTC is approaching a key breakdown level, while ETH and XRP are rebounding from crucial support levels.

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.