WH Chief of Staff Meadows: $1.5 trillion proposal could be the basis for future discussion

White House Chief of Staff Mark Meadows reiterated US President Donald Trump’s dislike for the Republican push for higher coronavirus (COVID-19) stimulus. Though, the stance seems to have eased as the diplomat suggests future talks surrounding $1.5 trillion, above the recent Democratic proposal near $500 billion.

Additional comments

The latest fiscal stimulus proposal does not align with Trump's priorities.

FX implications

With the pre-Fed market cautious sneaking in, news like this has a little significance for traders. Even so, it does trigger market hopes to overcome the US stimulus deadlock, which in turn may offer additional strength to the US dollar and strengthen the risk-on mood.