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U.S. government has only itself to blame for dollar strength, Bundesbank chief says

Section: Daily Dispatches

By Andreas Framke and Frank Siebelt
Tuesday, February 7, 2017

MAINZ, Germany -- The U.S. administration should blame itself rather than Germany for a recent strengthening of the dollar against the euro, the head of Germany's Bundesbank said on Tuesday.

Jens Weidmann said comments by a top trade adviser of U.S. President Donald Trump that Germany was exploiting the United States and its European partners with an overly weak euro were "more than absurd."

"The thesis that foreign currency manipulations are to blame for the current strong U.S. dollar is not borne out by facts," he told a gathering in this western German city.

"The most recent rise in the dollar is likely to be homemade, triggered by the political announcements of the new government," he said.

Separately, in an interview with Redaktionsnetzwerk Deutschland media group, Weidmann said there was no point in starting a currency war.

"If politicians erect trade barriers or start a currency depreciation race, there are only losers in the end," he told RND, in comments due to be published Wednesday. ...

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