US House passes $1.5 trillion infrastructure bill

Early Thursday morning in Asia, news broke that the US House passes the opposition Democratic leader backed $1.5 trillion infrastructure bill. The US policymakers’ efforts to combat the coronavirus (COVID-19) got the attention earlier after President Donald Trump said that he’ll veto the plan if it gets to his desk for being the law.

In a seperate news, the House also passed sanctions on China concerning the Hong Kong security law.

FX implications

The news should have ideally extended the market’s previous risk-on mood and helped the AUD/USD pair. However, a lack of activity during the early hours of trading and fears of the COVID-19 spread in the US, coupled with Sino-American tension, keeps the Aussie pair in the choppy range above 0.6900.