Mnuchin shrugs at weaker dollar, sending currency lower

Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross.

Treasury Secretary Steven Mnuchin on Thursday expressed no alarm about the weaker dollar, saying it actually has some benefits for the economy in terms of the trade balance.

“Obviously the short-term issues of the dollar have both positive and negative impacts for different parts of the economy,” Mnuchin said in an interview with CNBC.

“As it relates to trade, having a weaker dollar is somewhat better for us,” Mnuchin said.

The dollar DXY, -0.06% turned lower in the wake of Mnuchin’s remarks.

Mnuchin comments weighing On Dollar. Explanation for Gyration in all other markets ????

— Mike Hart (@hutone) August 31, 2017

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