US House approves $2,000 coronavirus aid checks sought by Trump

Early Tuesday morning in Asia, Reuters came out with the news suggesting the US House passage of the coronavirus (COVID-19) aid package comprising the $2,000 paychecks demanded by President Donald Trump.

The news states, “The Democratic-led U.S. House of Representatives voted 275-134 to meet President Donald Trump's demand for $2,000 COVID-19 relief checks on Monday, sending the measure on to an uncertain future in the Republican-controlled Senate.”

The bill now heads to the Senate where Republicans have the power and might use it as well due to the latest differences with Trump.

Earlier in the data, US House Speaker Nancy Pelosi said “If the house cannot pass the bill with short debate and two-thirds majority, it will pass it under regular procedures requiring a simple majority.” This becomes the rare support to the Republican leaders’ assent.

FX implications

Following the news, S&P 500 Futures track Wall Street benchmarks higher while starting Tuesday’s session. However, cautious sentiment ahead of the final verdict from the Senate keeps the risk in check.

Read: Wall Street Close: Bulls cheer Trump’s surprise signing of stimulus amid low volume