US President Biden will lead negotiations on legislative agenda on Wednesday

Anil Panchal FXStreet

Late Tuesday night, a White House Official conveyed the news of US President Joe Biden’s cancellation of a scheduled trip to Chicago while preferring to lead the negotiation for his legislative agenda on Wednesday, per Reuters.

Market sentiment worsened after US Democrats’ failure to extend the debt limits pushed Treasury Secretary Janet Yellen towards warning of empty pockets by October 18.

FX implications

The news helps S&P 500 Futures to print mild gains amid hopes of a possible deal over the much-awaited headlines, namely US stimulus and debt limit extension. However, concerns over China challenge the bulls amid a quiet Asian session on Wednesday.

Read: AUD/USD drops back towards monthly support near 0.7200 on risk aversion

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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