Historic $2 Trillion US Stimulus Package Announced

Democrats and Republicans have put their differences aside to pass a $2 trillion relief package aimed at combating the negative economic impact of the Covid-19 outbreak. Announced in the early hours of Wednesday morning, it includes a $500bn fund to help hard-hit industries, $350bn for small-business loans, $250bn for expanded unemployment aid and at least $100bn for hospitals and related health systems.

This is the largest rescue package in American history, with many citizens earning less than $95,000 per year entitled to a direct cheque worth $1,200.

The US dollar weakened following the historic agreement between the White House and Senate, as investors moved funds into more risky assets. However, with the number of confirmed Covid-19 infections in the US approaching fifty five thousand, market volatility remains high as concerns about the pandemic remain.

Attentions now turn to tomorrows jobless claims numbers released by the US Department of Labor that indicate the number of people filing first-time claims for state unemployment insurance. It’s expected to show a record rise in applicants following half the countries states imposing lockdown measures to nearly 100 million people.