US President Trump: We are looking at a suspension of payroll tax

As a part of his routine public appearance, US President Donald Trump crossed wires, via Reuters, during the early Thursday morning in Asia. The Republican leader confirmed readiness to use an executive order to push for the stimulus bill while also suggesting a cut in the payroll tax.

Key quotes

If Democratic leaders put partisan demand aside, we would reach a COVID-19 relief deal quickly.

We are looking at a suspension of payroll tax.

When you shut down you have many, many things that happen - from suicides to depression to drinking, alcohol problems, drug problems, problems with marriages.

Exploring executive action on evictions and unemployment relief.

FX implications

This adds to the market’s risk-on mood with AUD/USD pair stopping its pullback form 0.7241, the highest since February 2019, near 0.7200.