The US currency rebounded on Wednesday after US Treasury secretary Scott Bessent said Washington was still pursuing a “strong dollar policy” and was not planning an intervention to boost the Japanese yen.
The dollar jumped as much as 0.8 per cent against the euro and 1 per cent against the yen after Bessent said in an interview with CNBC that he expected the US currency to appreciate.
“The US always has a strong dollar policy, but a strong dollar policy means setting the right fundamentals,” Bessent said, adding that the administration’s policies were making the US “the best place to come”.
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