Early Thursday morning in Asia, Politico came out with the news suggesting that the Trump administration is opposed to a short-term extension of the enhanced federal unemployment benefits.
The update cites the White House Chief of Staff Mark Meadows said, “the Trump administration and Senate Republicans are weighing an extension of the benefits due to expire at the end of July as deep divisions make a deal on a larger coronavirus (COVID-19) aid package unlikely before then”.
FX implications
This adds to the uncertainty of the market direction and may weigh on the AUD/USD pair, currently around 0.7140. Additionally, the news might as well drag the rest of the risk barometers namely the S&P 500 Futures and USD/JPY as they become active.
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