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While extending its fight against the deadly coronavirus (COVID-19), the US Senate GOP is progressing towards a multibillion-dollar worth of package. The details of the third proposal, as per the CNBC, suggest include cash payments of up to $1,200 for individuals, which starts to phase out at $75,000 in adjusted gross income.

Key quotes

Senate Majority Leader Mitch McConnell unveils Senate Republicans’ next coronavirus relief plan.

The Senate has been under immense pressure to get a deal done with the House and administration as quickly as possible.

Still, the latest package may get caught up in political wrangling.

The check totals would start to phase out above $75,000 in adjusted gross income based on 2018 tax returns. People with non-federal tax liability would get only $600. 

FX implications

Given the lack of trading interest amid the initial Asian morning, the news failed to offer major moves after the release. However, this could help improve the market’s risk tone. Recently, Wall Street stopped its south-run with mild gains while the US 10-year treasury yields softened to 1.15% by the end of their Thursday trading.