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US Treasury Sec. Mnuchin, Democrat Senate leader Schumer meeting again over coronavirus relief package

According to the US media reports, US Treasury Secretary Mnuchin and Democrat Senate Leader Schumer are meeting again over the coronavirus relief package.

When asked Mnuchin about the likelihood of seeking a package approved, he said they are getting close, “this close.”

This comes after “Partisan battles in the US Senate on Sunday stopped a coronavirus response bill from advancing, even as negotiations continued. By a vote of 47-47, a Republican bill failed to clear a procedural hurdle that required 60 affirmative votes. Democrats were pushing for more robust help for healthcare workers and others,” FXStreet’s Analyst Ross J. Burland noted.

Further, Reuters reports that the US Senate will vote again at 1345GMT on the same US Coronavirus economic relief package bill unless bipartisan deal is made.

US Senate leader McConnel said: “Fifteen minutes after the markets open and see whether there's a change of heart" when asked about the timing of the vote.

Market reaction

The above headlines fail to ease the market concerns, as the coronavirus rapid spread continues to hit the risk appetite.

S&P 500 futures are down over 4.5%, threatening USD/JPY to break below 110.00. The US 10-year Treasury yields are falling by 12% while the Asian equities are a sea of red, led by the declines in the Australian stocks. Japanese equities, however, defend minor gains so far.

Author

Dhwani Mehta

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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