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Dollar slides on Mnuchin comments while Commerce Sec Ross hints at trade war with China

by | 24 Jan, 2018

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Comments from Secretary Mnuchin at Davos have departed from typical ‘strong Dollar’ rhetoric

The U.S. Dollar moved considerably lower against major currencies across the world today, after Treasury Secretary Steven Mnuchin said he welcomed a weaker greenback, saying it was good for the U.S. “as it related to trade and opportunities”.

Speaking at the World Economic Forum in Davos, Switzerland, Mnuchin was positive on America’s economy, saying that U.S. economic growth looked very good and it remained a good place to invest. He also praised the tax reform bill which passed last year and said: “We couldn’t be happier. The response from U.S. businesses has been even better than we expected”.

Mnuchin was one of many in a large U.S. delegation attending the event, including Commerce Secretary Wilbur Ross. Anticipation is rising ahead of Friday when President Trump is due to make an address – the first U.S. leader to do so since Bill Clinton nearly 20 years ago.

Alongside comments from Mnuchin, Wilbur Ross directly referenced tensions with China and addressed the issue of protectionism, saying that there were “a number of other actions pending” over the matter, indicating the possibility of Trump implementing further trade penalties against the Asian superpower in the near-future.

In equity markets, U.S. stock benchmarks traded in record territory as bank stocks led the way forward. The Dow gained 170 points, with J.P. Morgan and Goldman Sachs stocks leading the way. The S&P500 was up 0.02 per cent to 2,839.96, while the Nasdaq fell by 0.43 per cent. 

Related: Trump said to be weighing fines for China over intellectual property theft

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The Invstr chart shows the U.S. dollar falling against the Euro, Japanese Yen, British Pound and Turkish Lira

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ALL RIGHTS RESERVED © INVSTR LTD. 2018

Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
Brokerage services are provided by the following:
US-traded securities, including fractional trading, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here.
India account traded securities are provided by SIC Stocks & Services PVT Ltd. SIC does not make any personal recommendations to buy, sell or otherwise deal in investments. Investors make their own investment decisions. The services and securities provided by SIC may not be suitable for all customers and, if you have any doubts, you should seek advice from an independent financial adviser. For more information and disclaimers, click here.

 

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