US Treasury Sec. Mnuchin: Presented $916 billion proposal, look forward to achieving bipartisan agreement

US Treasury Secretary Steve Mnuchin tweeted his discussion with House Speaker Nancy Pelosi on the coronavirus (COVID-19) relief bill.

The US diplomat said, Speaker Pelosi and I spoke today at 5:00 PM and on behalf of the President, I presented a $916 billion proposal, which is a slightly higher package than the bipartisan proposal of $908 billion.

The Treasurer further mentioned that the package includes money for state and local government and robust liability protection for businesses, schools and universities.

Additional updates suggest that the Proposal would tap $140 billion in unused paycheck protection program funds and $429 billion in treasury funds.

FX implications

Earlier in Asia, House Speaker Nancy Pelosi conveyed optimism concerning the US stimulus package, which in turn helps the global markets to remain positive. As a result, AUD/USD manages to keep 0.7400 after three days of declines.

Read: AUD/USD: Struggles to keep 0.7400 ahead of China CPI