24.01.201820:10:00UTC+00U.S. Treasury Secretary Mnuchin Voices Support for Weaker Greenback

U.S. Treasury Secretary Steven Mnuchin said a weaker dollar is beneficial for the country, adding that the U.S. is open for business.

Speaking at the World Economic Forum in Davos, he made a pitch for investment in the U.S. stating that the Trump administration was targeting growth of 3 percent or higher.

During the press conference, Mnuchin said that the weaker greenback is obviously advantageous for the country as it is associated to trade and opportunities. He added that the currency's short-term value does not concern the government. He said that the longer term, the strength of the dollar is a sign of strength of the U.S. economy. The U.S. official said that the dollar will continue to be the primary currency in terms of reserve currency.

The dollar fell marginally following his comments, with the dollar index sliding 0.47 percent for the day.

Mnuchin repeated his prior stance that his country is strongly committed to free and fair trade, according to the Associated Press. He also stated that solid U.S. growth was good for the U.S. economy and that there was no inconsistency with President Donald Trump's “America First” agenda.