Mnuchin 'surprised' by weaker dollar response: It wasn't news

By World Economic ForumFOXBusiness

Mnuchin: My comments on the dollar have been consistent

U.S. Treasury Secretary Steven Mnuchin and U.S. Commerce Secretary Wilbur Ross on the dollar, the impact of the tax reform legislation and the outlook for the U.S. economy.

Treasury Secretary Steven Mnuchin on Thursday said he was "surprised" that the media was so focused on his comments that a weaker dollar is good for trade.

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"I am a bit surprised," he told the FOX Business' Maria Bartiromo on "Mornings with Maria" at the World Economic Forum in Davos, Switzerland. "My comments about the dollar had been completely consistent with what I’ve said over the last year."

On the heels of Mnuchin’s comments on Wednesday, the dollar plunged to three-year lows, its biggest one-day drop in 10 months. However in Mnuchin's opinion, the press "amplified" his comments.

"If you look at my full transcript from yesterday it was incredibly balanced, it was consistent with what I’ve said over the last year and it wasn't news," he said.

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He added, it's a free market and where the dollar is in the short-term is "not a concern of ours."

"The dollar is one of the most liquid trading markets in the world. It's the reserve currency because people have confidence in the dollar and the safety of the dollar," he said. "I do believe the dollar will strengthen in the long term as a result of ... the growth in the U.S. economy."

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