Trump 'absolutely not' trying to talk down dollar, Mnuchin says

Trump 'absolutely not' trying to talk down dollar, Mnuchin says

He says, "In an otherwise quiet session, the comments from the Treasury secretary may be giving the dollar a little bit of a leg to stand on".

Mnuchin also told the Financial Times he agreed with Trump's view that the dollar's strength in the short term was hurting exports, but said he saw the currency's strength over the long term as a positive.

The White House is in the early stages of preparing a tax-reform plan, and Mnuchin and others on Trump's economic team have been meeting with industry groups and lawmakers to get their thoughts.

And while Mnuchin is at least promising to continue fighting for full-blown tax reform, reports are filtering out of Congress about abandoning all the hard work of reform and replacing it with deficit-financed tax cuts.

"When they talk about tax reform, are they talking about cutting Donald Trump's taxes by millions of dollars a year?"

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"The anticipated shift in the policy mix so far has buoyed financial markets and strengthened business confidence, which could further fuel the current momentum", the International Monetary Fund report said. Within 15 minutes of this comment, the U.S. dollar index, which is a basket of the greenback against major currencies of the world, dropped 0.5 percent.

Mnuchin's comment finally gave some respite to the bruised greenback, but the nervousness was still lingering. "I think that is what he has referred to, which is again factually correct".

"The president's comments during the campaign reflected previous periods of time", he said, pointing to "the combination of the facts and the combination of what the president said and how China is working with us" as the justification for the change in rhetoric.

The U.S. -Japan economic dialogue will be watched carefully because there are concerns that the United States might take a tough trade stance against Tokyo given that President Trump has alleged that some countries including Japan have artificially weakened their currencies. Mr. Trump has insisted that negotiations are still going on. He said that the sanctions would be unveiled over the next two weeks and would target individuals and entities.

Barring a major shock in the China readings, markets are expected to remain focused on US data and its possible impact on the pace of interest rate hikes, and concerns over North Korea and the French presidential election. Mnuchin said addressing currency swings was "one of the IMF's most important roles".

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