Treasury nominee Mnuchin says long-term dollar strength important

Record ID: 164893

  • Title: Treasury nominee Mnuchin says long-term dollar strength important
  • Date: 19th January 2017
  • Summary: WASHINGTON, D.C. UNITED STATES (JANUARY 19, 2017) (UNRESTRICTED POOL) SIDE SHOT OF SENATE FINANCE COMMITTEE (SOUNDBITE) (English) TREASURY SECRETARY NOMINEE STEVE MNUCHIN SAYING: "Yeah let me just comment on that because I think that the U.S. currency has been the most attractive currency to be in for a very very long period of time. I think that it's important, and I think you see that now more than ever, the currency is very very strong. And what you see is people from all over the world wanting to invest in the U.S. currency. I think when the President-elect made a comment on the U.S. currency it wasn't meant to be a long term comment. It was meant to be that perhaps in the short term the strength the currency as a result of free markets and people wanting to invest here may have had some negative impacts on our ability in trade. But I agree with you. The long term strain over long periods of time is important. And again that's a reflection of I believe we have the most attractive investment environment in the world and we just have to protect our U.S. companies so that they're not forced abroad." WHITE FLASH MNUCHIN SHAKING HANDS WITH PEOPLE ATTENDING HEARING
  • Embargoed: 2nd February 2017 19:27
  • Keywords: U.S. President-elect Donald Trump Treasury secretary nominee Steven Mnuchin dollar congress senate hearing
  • Location: WASHINGTON, DC, UNITED STATES
  • City: WASHINGTON, DC, UNITED STATES
  • Country: USA
  • Topics: Currencies/Foreign Exchange Markets,Economic Events
  • Reuters ID: LVA0015ZR11DZ
  • Aspect Ratio: 16:9
  • Story Text:U.S. Treasury Secretary nominee Steven Mnuchin said on Thursday (January 19) it was important to maintain a strong dollar in the long term, adding that President-elect Donald Trump's recent comments that the currency was too strong were focused on short-term impacts.
    "When the president-elect made a comment on the U.S. currency, it wasn't meant to be a long-term comment," Mnuchin said in a confirmation hearing before the Senate Finance Committee.
    Mnuchin, a Wall Street veteran, added that Trump's comments that the dollar was too strong were focused on short-term market factors that had pushed the greenback higher, hurting U.S. exports.
    "The long-term strength over long periods of time is important" for the dollar, Mnuchin said.
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