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  • AUD/USD jumps over 10 pips to 0.7605 as S&P 500 futures rise. 
  • President Trump signed the coronavirus relief bill, pushing risk assets higher.

The Aussie dollar picked up a bid around 1:05 GMT, pushing AUD/USD back above 0.76 from 0.7590 after reports of President Trump signing the much-anticipated coronavirus relief bill hit the wires. 

President Trump signed a $2.3 trillion package, combining Covid-19 relief with government funding, restoring enhanced unemployment assistance that expired Sunday, and authorizing $600 in direct payments to Americans. 

The stimulus package was approved by the House and Senate by large margins last week. However, initially, Trump opposed the package and demanded larger relief checks and scaled-back spending.

Trump’s change of heart is currently boding well for the AUD and other risk assets. The futures tied to the S&P 500 are now up over 0.3%. The dollar index, which tracks the safe-haven greenback’s value against majors, is seen at 90.23 versus 90.35 early today. 

It remains to be seen if the risk-on mood sustains as many economists believe the bill’s financial aid should be higher to get the economy moving again. 

Technical levels