US Treasury Secretary Mnuchin: We’re not going anywhere close to $3.4 trillion for new coronavirus aid bill

After visiting Senate Republican Leader Mitch McConnell, US Treasury Secretary Steve Mnuchin crossed wires while citing additional hardships for the much-awaited US stimulus plan.

White House Chief of Staff Mark Meadows also spoke side-by-side and cited substantial progress on eviction protections, unemployment in coronavirus relief talks.

Key quotes

We’re not going anywhere close to $3.4 trillion for cost of new coronavirus (COVID-19) aid bill.

Negotiators will try to reach an overall agreement on COVID-19 relief by the end of this week.

FX implications

Even if the absence of strong decision makes it harder for the markets to pick-up the risk-on mood, recently increasing odds of a solution helps AUD/USD to extend the previous day’s gains while trading around 0.7160.