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Trump Touts Strength of Dollar, US Economy

Trump Touts Strength of Dollar, US Economy
(AFP/Getty Images)

Thursday, 16 August 2018 08:57 AM

President Donald Trump praised the strength of the U.S. dollar on Thursday after the greenback reached a 14-month high against a broad basket of other currencies a day earlier.

"Money is pouring into our cherished DOLLAR like rarely before," wrote on Twitter, citing the strength of the U.S. economy.

The U.S. economy grew at a 4.1 percent annualized rate in the April-June period, nearly double the 2.2 percent rate in the first quarter. Growth in the July-September period is forecast to top 3 percent.

Contributing to the strength of the dollar has been the collapse of the Turkish lira, which has led in recent days to flows into the dollar, considered by investors to be a safe haven.

In an interview on Thursday, White House economic adviser Larry Kudlow said the strong dollar indicated global confidence in the U.S. economy.

"It's sending a positive story of global confidence in the USA. That's all. Trillions of dollars are coming in here because we're in an economic boom that virtually nobody thought possible," Kudlow said in an interview with CNBC.

© 2020 Thomson/Reuters. All rights reserved.

   
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President Donald Trump praised the strength of the U.S. dollar and the nation's overall economy Thursday after the greenback reached a 14-month high against a broad basket of currencies a day earlier.
trump, dollar, economy, twitter
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2018-57-16
Thursday, 16 August 2018 08:57 AM
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