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U.S. Markets

Treasury nominee Mnuchin says long-term dollar strength important

WASHINGTON (Reuters) - U.S. Treasury Secretary nominee Steven Mnuchin said on Thursday it was important to maintain a strong dollar in the long term, adding that President-elect Donald Trump’s recent comments that the currency was too strong were focused on short-term impacts.

“When the president-elect made a comment on the U.S. currency, it wasn’t meant to be a long-term comment,” Mnuchin said in a confirmation hearing before the Senate Finance Committee.

Mnuchin, a Wall Street veteran, added that Trump’s comments that the dollar was too strong were focused on short-term market factors that had pushed the greenback higher, hurting U.S. exports.

“The long-term strength over long periods of time is important” for the dollar, Mnuchin said.

Reporting by David Lawder; Editing by Paul Simao

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