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US Treasury Secretary Mnuchin said on Tuesday that he is working with the White House and Senate to pass an additional coronavirus financial relief bill by the end of July.

“There appears to be bipartisan support in Senate to repurpose $135 billion left in the PPP program to target it toward hardest-hit industries,” Mnuchin added while testifying before the US House Financial Services Committee.

Meanwhile, FOMC Chairman Jerome Powell said that the Federal Reserve is reviewing its standards in the municipal liquidity facility to broaden the borrower base. “The US banking system is very strong,” Powell reiterated at the same hearing.

Market reaction

The US Dollar Index largely ignored these comments and was last seen losing 0.15% on the day at 97.32.