US House Democrats rolls out $1.5 trillion infrastructure plan

Dhwani Mehta FXStreet

On Thursday, US House of Representatives Democrats announced a $1.5 trillion infrastructure bill to fight the coronavirus emergency, which will be passed in the coming weeks, per Reuters.

House Speaker Nancy Pelosi said she would push for passage of the bill before a July 4 congressional recess.

It would be a bipartisan effort and noted that the Republican president talks about the need for new infrastructure investments “quite a bit”, she added.

The bill is aimed to bring broadband service to more rural areas and would also provide money to build or refurbish schools, which would improve ventilation systems.

Market reaction

The US dollar index rallied to 10-day highs of 97.58 on fears over the coronavirus resurgence in the US while the stimulus announcement also boosted the dollar bids.

At the press time, DXY trades at 97.45, consolidating the previous gains.

Author

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.

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