President Trump signs pandemic aid and spending bill

US President Trump signed $2.3 trillion pandemic aid package that was approved by the Congress last week, averting at the last minute a federal government shutdown and restoring unemployment benefits to millions of Americans.

Trump backed down from his earlier threat to block the bill unless stimulus checks for struggling Americans do not increase from $600 to $2000 and cut some other spending, after coming under increased pressure from lawmakers on both sides.

Economists agree the financial support should be higher to start moving the economy but pointed to urgent need of immediate support for Americans hit by coronavirus pandemic, as unemployment benefits, being paid to about 14 million people, lapsed last Saturday.

The package also includes $1.4 trillion for funding government agencies and extends a moratorium on evictions that was due to expire on Dec 31, providing support to small businesses, schools, transport industry and vaccine distribution.

Global risk sentiment improved in response to the news, lifting stocks and riskier currencies and pushing lower the US dollar.