Foreign exchange rates react to Mnuchin, Hammond comments on dollar, pound

Mnuchin 'Not Concerned' About Short-term Value of Dollar

Mnuchin 'Not Concerned' About Short-term Value of Dollar

Mnuchin later down played his comment that a weaker dollar was "good for us as it relates to trade and opportunities", saying they had been "balanced and consistent".

For many market analysts, Mnuchin's comments represent a stark break from previous USA administrations and could provoke pushback from other regions before too long.

Nevertheless, traders and analysts remained concerned about President Trump's seemingly protectionist policies and his open desires to withdraw from NAFTA and to toughen US foreign investment rules which would make it hard for external companies, specifically Chinese companies, to purchase USA companies.

"It's quite significant given that this is the first time in a very long time that a Treasury secretary has spoken against a strong dollar", said Sireen Harajli, FX strategist at Mizuho.

On Wednesday, Mnuchin said he welcomed a weaker US dollar, adding it would benefit the country in terms of trade. "Someone ought to tell these fellows the history of strong- and weak-dollar presidencies, "the Journal wrote in response to Mnuchin's comment to reporters that a weak dollar is "not a concern of ours at all".

Mnuchin declined to preview Trump's speech, but he said the president's message would be true to his America First rhetoric.

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The Singapore dollar today surged to its highest in three years against the US dollar, after US Treasury Secretary Steven Mnuchin remarked that he would welcome a weaker dollar. The euro hit a three year high against the dollar and briefly rallied again on Thursday, hitting $1.2461. As shown in the real-time capture of the dollar trade at the moment of the remarks, the U.S. dollar dropped, continuing its trend lower.

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"None of this is what the US economy needs now", Dalio wrote. Trump would address the World Economic Forum (WEF) meeting at Davos tomorrow. "I think we are due for a rebound". A weaker dollar makes USA products more competitive in global markets.

On the eve President Donald Trump's arrival at the event, he said that the USA delegation to Davos was its largest ever. With only a thin majority, the Republicans can't afford to lose more than one seat or it would become next to impossible for President Donald Trump to push legislative agendas through Senate and.make them law.

Mnuchin said that the United States continues to look good as an attractive place to invest especially after the tax cuts by the Trump administration.

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