Comments on dollar by Steven Mnuchin drive sluggish currency even lower
London — The US dollar hit new lows on Wednesday after US treasury secretary Steven Mnuchin said he welcomed its weakness. and figures showed that the eurozone economy started the year at its strongest pace in over a decade. Fear of protectionism from the world’s largest economy had already pushed the greenback lower, but this move was given another push by Mnuchin’s remarks at the annual Davos summit of business and political leaders. Meanwhile eurozone businesses had a much better start to 2018 than anyone polled by Reuters expected, ramping up activity at the fastest rate since the middle of 2006, a survey showed on Wednesday. The euro hit a three-year high of $1.2345, the dollar fell below ¥110,00 for the first time since September and hit new three-year lows on a trade-weighted basis, while the pound was at its highest level against the dollar since the Brexit referendum vote in June 2016. US President Donald Trump is due to speak on Friday at the World Economic Forum (WEF) in ...
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