US Pres. Biden: 100 million stimulus checks will have been distributed by Wednesday

In his latest press appearance, US President Joe Biden tried to restore investor confidence by conveying the government’s ability to send 100 million stimulus checks to the American nationals, as a part of the covid relief, by the end of Wednesday (per US time).

The Democratic Party member also said, “The US will have 600m doses of vaccine by the end of May.”

FX implications

Despite Biden’s upbeat efforts, global markets are in the sober mood as fears of a fresh wave of the virus-led lockdowns and mixed comments from the US Federal Reserve, not to forget the Western-China tussle, weigh on sentiment. Amid these plays, the Wall Street benchmarks turned south whereas the US 10-year Treasury yield dropped six basis points (bps) to retest a one-week low around 1.62% by the end of Tuesday’s North American session.

Read: AUD/USD: Consolidates heaviest drop in a month above 0.7600 even as risk-off prevails