US House Democrats release America COMPETES Act

Anil Panchal FXStreet

Early Wednesday morning in Asia, House Speaker Nancy came out with the news conveying the US House Democrats’ release of the America COMPETES Act of 2022.

Among major issues, the US readiness to combat China on various manufacturing and supply issues gains major attention.

Today, the House takes action to transport our nation into the future, with the #AmericaCOMPETES Act: bold, results-oriented legislation that will strengthen America’s national and economic security and the financial security of families, and advance our leadership in the world. pic.twitter.com/rGQHSadED1
— Nancy Pelosi (@SpeakerPelosi) January 25, 2022

FX reaction

It’s worth noting that the bill is yet to reach the Senate, not to talk about being it a law, which makes the macro a little less worrisome issue amid the Fed fears and Russia-linked geopolitical tension.

As a result, the risk barometer AUD/USD pays a little heed to the news and takes rounds to 0.7150 by the press time.

Read: AUD/USD hovers around 0.7150 on Australia Day holiday, focus on Fed

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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