Bipartisan group of US Senators have reached agreement on infrastructure deal

Early Friday morning in Asia, late Thursday in the West, a group of 10 US bipartisan Senators, five Democrats and five GOP, teased agreement over US President Joe Biden’s infrastructure spending plan.

Reuters quoted the statement, “A bipartisan group of 10 U.S. senators has reached an agreement on an infrastructure deal that will be fully paid for and does not include tax increases, they said in a statement.”

It was further signaled that the cost will be $1.2 trillion for eight years. Additionally, $579 billion in new spending was announced for the first five years.

Market reaction…

Given the early hours of Asian session, the news failed to gain a major reaction from markets despite an uptick in AUD/USD to 0.7757.