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US Treasury rules out change to dollar policy

US Treasury rules out change to dollar policy

Mubasher: US Treasury Secretary Steven Mnuchin dismissed any change in the dollar policy “as of now,” yet did not exclude the possibility of a policy shift at some point.

“This is something we could consider in the future but as of now there’s no change to the dollar policy,” Mnuchin told Bloomberg in an interview after a finance minister meeting of the Group of Seven (G7).

The US has eased its stance of backing a strong greenback, preferring a steady exchange rate instead at the time when it has been embroiled in a trade conflict, while threatening to levy tariffs on other nations’ goods.

In addition, Mnuchin suggested a preference for allowing the currency to be valued according to market forces.

The US dollar retreated against the euro, following Mnuchin’s remarks, trading at $1.1217 at 2:05 pm in London (1:05 pm GMT).

By 3:37 pm GMT, the EUR/USD pair ticked up by 0.04% to $1.1228.