USA 'not involved' with quick time period greenback worth: Mnuchin

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The dollar's plunge was provided new impetus by US Treasury Secretary Steve Mnuchin endorsing the currency slipping to a three-year low, arguing that it is helping trade boom in the States.

"Obviously a weaker dollar is good for us, it's good because it has to do with trade and opportunities", Mnuchin said on Wednesday. S. dollar hit three-year lows after comments by U. The key objective for the dollar index is the December 16, 2014 main bottom at 88.067. Investors tend to push up prices for precious metals when they're anxious about a weak dollar and the prospect of higher inflation.

Dollar bears were already emboldened by Trump's executive order imposing steep import tariffs on washing machines and solar panels, a move condemned by China and South Korea, analysts said. President Donald Trump is due to address the gathering in Switzerland on Friday.

In contrast, Mr Trump said: "The dollar is going to get stronger and stronger and ultimately I want to see a strong dollar". Earlier, the euro rose to its highest in three years after the European Central Bank showed little concern about the euro zone single currency's hottest run in almost four years.

The former Goldman Sachs banker's original comments prompted speculation that the U.S. was wavering on its strong dollar policy in favour of a weaker greenback as an additional tool to boost trade under USA president Donald Trump's "America First" agenda. Modi had on Tuesday at the World Economic Forum (WEF) said that the "forces of protectionism are rearing their heads again" which many who are here to attend the annual meeting saw as being directed specially at the US. That's the potential implication of a comment today from Mnuchin.

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Mnuchin said Trump is "absolutely" committed to free and fair trade and that newly enacted USA corporate tax cuts will enable "U.S. companies to compete fairly".

"Currently we have a very stable dollar because of how well the USA is doing, and it's as powerful as it's ever been", White House spokeswoman Sarah Sanders said on Wednesday at a briefing in Washington.

"It is not a shift in my position on the dollar at all", he said.

"It just means that President Trump is looking out for American workers and American interests - no different than he expects other leaders to look out for their own", he added.

"Over the past few days, we've seen the pound appreciate against the dollar quite rapidly, but it's pretty stable against the euro", Mr Hammond told Bloomberg TV, as the currency pushed past $1.43. "He basically says what he wants to say and that's what he thinks", Joel Naroff of Naroff Economic Advisors told AFP. The US is expected to grow at over 3 per cent this year.

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