Investing.com – President Trump said he wants a strong dollar one day after his Treasury Secretary’s comments about a weaker dollar caused a sharp decline in the U.S. currency.
In saying a weaker dollar was good for the U.S. economy, Steve Mnuchin became the first Treasury Secretary in decades to stray from the government’s long-standing strong dollar policy.
President Trump said Mnuchin’s comments were misinterpreted, according to an interview on CNBC. The President said he expects the dollar to get “stronger and stronger.”
The President’s strong endorsement, however, differs from comments of his own in the past. A year ago he told the Wall Street Journal that the dollar was “too strong” and was hurting the economy.
The dollar has been in decline in the past year but it was particularly strong for several years before that.
During that time, both exports and export-related jobs declined, as U.S. goods became more expensive overseas.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Latest posts by investing.com (see all)
- Ruble, buoyed by oil, steadies after sanctions threat - February 17, 2019
- Forex – Weekly Outlook: Feb. 18 – 22 - February 17, 2019
- Forex – Dollar Set for Consecutive Weekly Gains for First Time Since November - February 15, 2019