U.S. Treasury Secretary nominee Steven Mnuchin said an "excessively strong dollar" could have a negative short-term effect on the economy.
"The strength of the dollar has historically been tied to the strength of the U.S. economy and the faith that investors have in doing business in America," Mnuchin said in written responses, obtained by Bloomberg News on Monday, to questions from U.S. senators following his confirmation hearing last week. "From time to time, an excessively strong dollar may have negative short-term implications on the economy."
The dollar fell to the lowest level of the day after his remarks were published.
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