Treasury Secretary Steven Mnuchin announced that he discussed a $916 billion stimulus plan with House Speaker Nancy Pelosi. The plan came after the Democrat-controlled House of Representatives rejected President Trump's $1.8 trillion coronavirus relief plan that did not include some features that Democrats consider essential, such as state and local government aid. Republicans insist that relief should go directly to American families and small businesses, citing concerns that funds given to state and local governments could be used to cover non-pandemic-related budget holes.
The Democrats keep insisting on bipartisan talks as the most optimal way of reaching an agreement. The Republican leadership's willingness to concede the liability provisions is also a new advancement, especially after Senate Majority Leader Mitch McConnell was so adamant about it.
“The President’s proposal starts by cutting the unemployment insurance proposal being discussed by bipartisan members of the House and Senate from $180 billion to $40 billion. That is unacceptable,” said Democratic leaders Nancy Pelosi and Chuck Schumer in a statement.
By 8:49 GMT, the US Dollar Index went down by 0.20 percent, going down to the 90.78 level.
Germany's Exports Rise Less Than Expected
Germany's Federal Statistical Office reported that the trade balance stood at 18.2 billion euros in October, higher than expectations of 18 billion and after being at 17.6 billion.
Exports rose less than expected, gaining 0.8 percent after rising by 2.3 percent in the previous month. Analysts had expected it to surge by 1.2 percent. Similarly, imports rose by 0.3 percent, higher than the previous month's 0.2 percent and lower than expectations of 1 percent.
By 9:32 GMT, the euro went up by 0.21 percent against the US dollar, hitting the 1.2127 level.