US House of Representatives sets two hours of debate on coronavirus aid bill Friday beginning at 1300 GMT

Ross J Burland FXStreet

House Officials, according go to Reuters News have stated that the US House of Representatives will set two hours of debate on coronavirus aid bill Friday beginning at 1300 GMT.

Key notes

The Coronavirus bill may not be able to pass by voice vote, according to House majority leader's office.
Unclear on timing of next step such as roll-call vote.
House majority leader’s office: COVID-19 bill may not be able to pass by voice vote, unclear on timing of next step such as roll-call vote.

Reuters News explained that it was not clear whether the measure would be able to pass on a voice vote, according to the House Majority Leader's office said late on Thursday.

While most House members are in their home districts because of the coronavirus outbreak, those able and willing to travel to Washington for a vote should arrive by 10 a.m. (1400 GMT), according to the House advisory.

There have been discussions of a possible roll-call vote if a voice vote is blocked by dissenters.

Market implications

The US stock market took-off to the moon on Thursday, as investors bank on continued stimulus following shocking jobless claims report – stimulus is the market's driver. More on that here: Wall Street Close: US benchmarks were rallying hard on Thursday, cheering stimulus

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.

AUD/USD hangs near three-week low, below 0.6950 as traders await US NFP report

AUD/USD hits a three-week low during the Asian session on Friday as the RBA’s dovish shift and a rout in equity markets weigh on the risk-sensitive Aussie. However, the recent slump in US bond yields to a two-month low keeps US Dollar bulls on the back foot and limits losses for the currency pair as traders look to the US NFP report for a fresh impetus.

USD/JPY bounces off three-week low; keeps the red near 157.65 as focus remains on US NFP

USD/JPY bounces off the weekly low set during the Asian session, as bears turn cautious ahead of the US NFP report due later this Friday. The upside seems limited as the recent slump in US bond yields and hopes of Iran war de-escalation undermine the US Dollar. Moreover, a hawkish BoJ and intervention risks support the Japanese Yen, capping the pair.

Gold loses the grip; $4,000 comes next on the downside

Gold sets aside two daily advances in a row on Friday, opening the door to a potential test of the key $4,000 mark per troy ounce. The precious metal’s retracement follows a decent improvement in the sentiment surrounding the US Dollar, solid NFP data and higher US Treasury yields across the board.

Democrats win House and Senate in US midterms: Why isn’t all bad news for crypto

The biggest story this week was Tuesday’s US midterm elections, which saw Democrats win control of both the House and the Senate in a clear blue wave. This political shift in the US has triggered sharp price swings across the cryptocurrency market.

Week ahead – Inflation and geopolitics in focus as US political landscape shifts

Post-midterm election euphoria fizzles out as risk aversion prevails. US CPI, PPI and Fedspeak on the radar as Fed hike bets remain supported. Oil retreat pauses on mixed hopes about the ongoing conflicts.

US Dollar breaks below 101.50 as Democrats sweep Congress

The US Dollar (USD) comes under heavy selling pressure on Wednesday, with the US Dollar Index (DXY) falling around 0.5% to trade near 101.35 after sliding below the 101.50 level. The Greenback retreats to its lowest level in four weeks as investors reassess the political and economic outlook following the Democratic Party's sweeping victory in the United States (US) midterm elections.