Breaking: US Senate, White House, Democrats reach agreement on Bipartisan COVID-19 stimulus plan


US Senate Majority Leader Mitch McConnell has taken the podium and announces that the US Senate, White House and Democrats finally reach an agreement on Bipartisan COVID-19 stimulus plan to fight the economic impact of the coronavirus pandemic on the US economy.

No further details are out from the officials yet, as the negotiations are being wrapped with the final touches.

CQ Now cited remarks by Eric Ueland, saying that "much of the bill text has been completed and we'll finish what's left and be able to circulate it early in the morning".

Meanwhile, Bloomberg is out with some details on the economic package, as cited by some sources familiar with the deal.

US stimulus agreement has approximately $50 billion for airlines.

The stimulus bill is to be worth more than $2 trillion.

Market reaction 

The risk sentiment has received an added boost, with the US equity futures trimming losses while the Asian equities are pushing higher. The Japanese benchmark, the Nikkei 225, has ramped up gains beyond 7%.

The US stimulus plans seem to ease the fears over a likely global economic slowdown amidst the virus crisis.

The US dollar index is recovering ground across its main competitors, with DXY now trading near 101.65, having bounced-off a dip to 101.41 lows.

The higher-yielding Aussie picked up bids, taking the AUD/USD pair back on the 0.60 handle, reaching a high of 0.6035. USD/JPY retested 111.50 following a drop to 110.75 in early Asia.

Gold prices shed nearly $15 on the announcement and now trades near $1660 levels, almost unchanged on the day.

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