White House denies Obama said strong dollar a problem

[galdur]

A senior U.S. official denied on Monday a news wire report that President Barack Obama had told a Group of Seven industrial nations' summit that the strong dollar was a problem.

Bloomberg News earlier quoted a French official as saying Obama had made the comment.

"The President did not state that the strong dollar was a problem," the U.S. official said.

"He made a point that he has made previously, a number of times: that global demand is too weak and that G7 countries need to use all policy instruments, including fiscal policy as well as structural reforms and monetary policy, to promote growth."

The Bloomberg report came after a group of French reporters met President Francois Hollande on Monday morning ahead of the second day of the G7 summit.

The dollar fell briefing against the euro and the Japanese yen after the Bloomberg report but recovered after the denial.

The leaders of the United States, Germany, France, Britain, Italy, Japan and Canada discussed the world economic recovery at Sunday's first session, but officials of other delegations said they did not focus on currencies.

http://www.reuters.com/article/2015/06/08/us-g7-summit-obama-dollar-idUSKBN0OO0NG20150608

[bryant.coleman]

Why is it a problem? Now the Americans can print a few thousands tons of dollar bills, saying that the currency has become too strong. It might be hurting the exporters (especially the pharma companies and the agro-business lobby), but at the same time, it makes the United States an attractive place to work for the migrants. 

[galdur]

Why is it a problem? Now the Americans can print a few thousands tons of dollar bills, saying that the currency has become too strong. It might be hurting the exporters (especially the pharma companies and the agro-business lobby), but at the same time, it makes the United States an attractive place to work for the migrants.  

If it´s becoming a problem to U.S. politicians it´s because their owners, especially U.S. multinationals and Wall St., are beginning to whine about it. The stronger the dollar the fewer dollars those multinationals get to book as revenues and profits back home in the States. It´s a lagging effect but will hit stock prices sooner or later. And since the dollar began its big run about a year ago that whining should have started in earnest this year maybe a few weeks back or so.

[galdur]

It´s so much better stage-managed back home in Disne...sorry the States. Better direction, people don´t go off script so much...

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Read more: http://www.dailymail.co.uk/news/article-3117055/We-strategy-fight-ISIS-president-didn-t-really-mean-say-didn-t-claims-State-Department.html#ixzz3cbXCkACw
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