Powell speech: We may need more fiscal support

FOMC Chairman Jerome Powell reiterated on Tuesday that the Federal Reserves remains committed to using all of its tools to support the economy through the coronavirus crisis.

"We will continue to provide strong support," Powell told the US Senate Banking Committee and noted that it is likely they will need more fiscal support. "Inequality is an important problem in our economy, it holds our economy back," Powell added.

Market reaction

The greenback continues to weaken against its rivals during Powell's testimony. As of writing, the US Dollar Index was down 0.35% on the day at 91.55.