US Treasury Sec. Mnuchin: US is in a strong position to recover

The prepared remarks from the US Treasury Secretary Steve Mnuchin’s testimony statement, to be read during the US session on Tuesday, suggest that the Trump administration member holds an upbeat view for the world’s largest economy.

Key quotes

US is in a strong position to recover.

Any further coronavirus (COVID-19) aid will target certain industries.

Possible will work further with Congress on aid in July.

FX implications

The news adds strength to the market’s recent shift to risk-on mood, earlier backed by the upbeat US Pending Home Sales and Dallas Fed Manufacturing Business Index. While portraying the same, S&P 500 Futures print 0.26% gains to 3,055 as we write.