Trump's nominee for Treasury backs off support for strong dollar

Section:

Inside the Mind of Mnuchin: Too-Strong Dollar May Hurt Economy

By Saleha Mohsin
Bloomberg News
Monday, January 23, 2017

U.S. Treasury Secretary nominee Steven Mnuchin said an "excessively strong dollar" could have a negative short-term effect on the economy.

"The strength of the dollar has historically been tied to the strength of the U.S. economy and the faith that investors have in doing business in America," Mnuchin said in a written response to a senator's question about the implications of a hypothetical 25 percent dollar rise. "From time to time, an excessively strong dollar may have negative short-term implications on the economy."

The dollar slumped to the weakest in more than six weeks after the remarks, obtained by Bloomberg News today. The comments were included in answers from Mnuchin to questions from U.S. senators following his confirmation hearing last week. In that session, he had said a strong dollar is important over the long term, while noting it's currently "very, very strong."

President Donald Trump expressed concern about the dollar's appreciation in an interview with the Wall Street Journal this month, saying the currency was "too strong." That prompted speculation that his administration might reverse longstanding tradition in the U.S. to support a strong-dollar policy. ...

... For the remainder of the report:

https://www.bloomberg.com/politics/articles/2017-01-23/mnuchin-says-exce...



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