US Pres. Trump’s rejection of the deal has confounded many leaders on Capitol Hill – The Washington Post

Anil Panchal FXStreet

During the weekend, The Washington Post came out with the report suggesting a full-blown crisis as US President Donald Trump refrains from signing the coronavirus (COVID-19) relief bill and government spending. The issue becomes the key as the government funding is set to expire on Tuesday.

The piece cites lawmakers’ disappointment while saying, “Trump’s rejection of the deal has confounded many leaders on Capitol Hill because they had thought Mnuchin negotiated the package on behalf of the president. The treasury chief’s standing with many lawmakers is now in tatters just days before a full-blown crisis is set to occur.”

However, Capitol Hill members are ready to “make one last attempt to avert a shutdown on Monday,” as per the news, which in turn keeps the traders hopeful to avoid a government shutdown.

FX implications

Although year-end light trading restricts the market moves, the failure of the US Congress members to please Trump can exert fresh pressure on the risks as Mr. President has the right to “veto” the bills despite a major push by the policymakers.

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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