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Dollar Tanks After Mnuchin Says a Weaker Currency is Good for U.S. Trade

(Akin Oyedele – Business Insider)

The dollar added to its losses and was at a three-year low on Wednesday after Treasury Secretary Steven Mnuchin said a weaker currency was beneficial to US trade.

“Obviously a weaker dollar is good for us as it relates to trade and opportunities,” Mnuchin told reporters at the World Economic Forum in Davos, according to Bloomberg.

He added that the short-term value of the dollar was “not a concern of ours at all.”

A weaker currency makes dollar-denominated products more attractive to foreign buyers. President Donald Trump said last April that the dollar was "getting too strong" and would ultimately hurt the US economy. Click here to read more.

Related: Treasury Secretary Mnuchin to Global Elites: Trump’s ’America First’ is not America alone (USA Today)