US Treasury Sec. Mnuchin: Will not advocate for a weak dollar near-term

During an interview with CNBC, US Treasury Secretary Steven Mnuchin said that a stable dollar was important and added that a strong dollar over a long period of time was in the interest of the United States. "I will not advocate for a weak dollar in the near-term," Mnuchin stated.

The US Dollar Index staged a modest rebound from session lows on these remarks and was last seen flat on the day at 97.70. Below are some key takeaways as reported by Reuters.

"Trump believes we have very low inflation."

"Obviously the market expects the Fed to cut rates and a cut will help the economy over the rest of the year."