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Treasury secretary says U.S. will protect dollar's reserve status

Section: Daily Dispatches

'We Want a Stable Dollar,' Treasury Secretary Mnuchin Says

By Mark DeCambre
MarketWatch, New York
Thursday, July 23, 2020

Treasury Secretary Steven Mnuchin says that a stable U.S. dollar is the goal of the Trump administration, while, separately, noting that some froth was percolating in the stock market, which has surged since its coronavirus lows seen in late March.

Speaking on CNBC today, responding to questions about the recent trend of weakness in the dollar, Mnuchin noted the nearly unceasing climb in benchmark stock indexes even as the economy continues to reel from the COVID-19 pandemic. The Nasdaq Composite Index has seen 48 consecutive trading days without back-to-back losses.

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The Nasdaq has climbed more than 56% from its March 23 low on the back of rallies in the shares of companies including Tesla, Apple, Microsoft, Amazon, Netflix, and Google parent Alphabet. The S&P 500 index and the Dow Jones Industrial Average have both risen by at least 45%.

"We want a stable dollar," Mnuchin said. “The dollar reflects lots of money coming back into the United States. ... It is the reserve currency of the world and we're going to protect that," he said.

The dollar has declined by more than 5% against a basket of six major currencies over the past three months, as measured by the U.S. ICE Dollar Index. ...

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