US Treasury Official Presses Hong Kong, Beijing On NKorea

26 January, 2018, 02:46 | Author: Julian Swanson
  • Singapore dollar surged to its highest in three years against the US dollar

President Donald Trump waded into the uproar over the USA currency on Thursday (Jan 25), saying he wants to see "a strong dollar", countering comments by his treasury secretary that appeared to signal the opposite and sent the greenback plunging to three-year lows.

Nevertheless, the dollar currency index (.DXY), which measures the USA currency against six other major currencies, fell by nearly 1% Wednesday afternoon to a three-year low, according to Reuters.

Mnuchin reportedly said that a weaker dollar is good for the United States economy as it will boost trade and opportunities.

The U.S. treasury chief welcomed a weaker dollar on Wednesday, breaking with a decades-long commitment by the U.S. government to back a strong dollar.

Ross, speaking alongside Mnuchin, says more measures at defending US commerce are in the offing.

The dollar weakened further Thursday as the euro climbed above $1.25 for the first time in more than three years. President Donald Trump is due to address the gathering in Switzerland on Friday.

Mnuchin said Thursday that he was not concerned by short term fluctuations in the dollar. "Perhaps Mnuchin will walk back his comments, but the message seems clear - this is what President Trump thinks and wants".

Pressed about Mnuchin's remarks, White House spokeswoman Sarah Sanders said at a daily briefing in Washington: "We believe in a free-floating currency".

Commerce Secretary Wilbur Ross later told CNBC that his colleague was "not advocating for a weaker dollar", but he also struck a combative tone.

In contrast, Mr Trump said: "The dollar is going to get stronger and stronger and ultimately I want to see a strong dollar". In mid-2015, a dollar was worth 125 Japanese yen; that fell to less than 109 yen.

A weaker dollar, coupled with the Trump administration's protectionist trade policies, could have significant implications for global markets and economies. Shortly after the US Treasury Secretary and Trade Minister's comments on trade, German Chancellor Angela Merkel said at the WEF that multilateral collaboration is essential for the world's future.

For a quarter-century, U.S. treasury chiefs have espoused the benefits of a strong dollar, so it may be jarring for investors to hear a treasury secretary discuss the merits of a weaker one.

South of the border, USA stocks wobbled and finished mostly lower on Wall Street as technology companies including chipmakers dropped.

"The U.S.at this point is in a relatively combative mode on trade arrangements", UBS Group AG Chairman Axel Weber told Bloomberg Television in Davos on Wednesday.

Recommended:



Popular

SpaceX To Launch Tesla Roadster In Mars Orbit (Really)
The thunderous booms could be heard at the press site three miles away, as huge white clouds of engine exhaust billowed upward. Now that SpaceX has shown that the Heavy's engines can fire up properly, the megarocket will be on step closer to liftoff.

Senate confirms Azar as HHS secretary
Azar also previously served as HHS secretary from 2005 to 2007, where he helped to implement Medicare Part D. Carper said he remains concerned about Azar's perspectives on Medicaid and the Affordable Care Act.

Move over, Dolly: Monkeys cloned; a step closer to people?
It was also only successful in transferring nuclei from fetal cells , not adult cells such as the ones Dolly was cloned from. The cloning technique is also expensive and not very efficient - over 70 embryos were implanted in 21 surrogate mothers.

Aides Advise Trump To Lie Low In The Wake Of Government Shutdown
The framework "represents a compromise that members of both parties can support". Democrats said on Tuesday they had withdrawn an offer to fund U.S.

Tillerson: Russia 'bears responsibility' for Syrian chemical weapons attacks
French Foreign Minister Le Drian on Tuesday joined Tillerson in expressing his concern about Turkey's military operation in Afrin. After a chemical weapons attack was carried out in April 2017, the United States launched almost 60 Tomahawk missiles into Syria.

Snapchat Stories can now be viewed outside of the app
Stories that appear in Search typically appear in the order of what's relevant to you, trending, or happening nearby. For now, these three categories are the only Stories available for off-app sharing, but that may change over time.

Upside to federal shutdown
We are prioritizing access to the most accessible and most iconic areas of parks and public lands. A government shutdown could disproportionately harm those communities if parks remained closed.

Intel urges halt to installing its Meltdown/Spectre patches
The chip maker began investigating its patch after users reported machines were unexpectedly rebooting after installing the update.

Dortmund confirm Arsenal approach for Aubameyang
According to German magazine, Kicker , Dortmund want 70 million euros ($85.6m) for last season's top-scorer in the German league. THERE'S genuine concern at Borussia Dortmund over whether their star man Pierre-Emerick Aubameyang will remain at the club.

Edmund ousts Seppi to enters quarterfinals
He is a young man, he knows what he wants and he has a great temper. "I'm just really focused right now on my side of the court". Next up, in uncharted territory, will be the victor of the upcoming blockbuster of Nick Kyrgios against Grigor Dimitrov .