FX

US President Biden will lead negotiations on legislative agenda on Wednesday

Late Tuesday night, a White House Official conveyed the news of US President Joe Biden’s cancellation of a scheduled trip to Chicago while preferring to lead the negotiation for his legislative agenda on Wednesday, per Reuters.

Market sentiment worsened after US Democrats’ failure to extend the debt limits pushed Treasury Secretary Janet Yellen towards warning of empty pockets by October 18.

FX implications

The news helps S&P 500 Futures to print mild gains amid hopes of a possible deal over the much-awaited headlines, namely US stimulus and debt limit extension. However, concerns over China challenge the bulls amid a quiet Asian session on Wednesday.

Read: AUD/USD drops back towards monthly support near 0.7200 on risk aversion

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