Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Treasury nominee Janet Yellen to say U.S. does not seek weaker dollar: WSJ

EconomyJan 17, 2021 11:30PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. U.S. President-elect Joe Biden announces members of his economic policy team in Wilmington, Delaware 2/2

(Reuters) - Janet Yellen, President-elect Joe Biden's pick to take over the U.S. Treasury, is expected to affirm the United States' commitment to market-set currency rates when she testifies on Capitol Hill on Tuesday, the Wall Street Journal reported.

The Treasury secretary nominee will make clear at a Senate confirmation hearing that the United States does not seek a weaker dollar, the newspaper reported https://on.wsj.com/35NaV8W on Sunday, citing Biden transition officials familiar with her preparation.

"The value of the U.S. dollar and other currencies should be determined by markets. Markets adjust to reflect variations in economic performance and generally facilitate adjustments in the global economy," Yellen will say according to the report, if asked about the incoming administration's dollar policy.

"The United States doesn't seek a weaker currency to gain competitive advantage," she is prepared to say, according to the WSJ. "We should oppose attempts by other countries to do so."

A Biden transition team official did not respond to a request for comment about Yellen's testimony. Biden, a Democrat, takes office on Wednesday.

The policy outlined by Yellen would be a return to a traditional posture after Republican President Donald Trump railed against the dollar's strength for years, saying it gave other countries a competitive advantage.

It also comes with investors heavily short dollars - with the value of bets against the greenback the highest in almost a decade - partly in anticipation of U.S. trade and budget deficits widening further under the new administration.

"(Yellen) is kind of signaling a hands-off approach, which is reverting to what had traditionally been the case before Trump," said Bank of Singapore analyst Moh Siong Sim, who figures the dollar could continue to decline.

"I think the dollar and financial markets will be less of a focus, in terms of verbal rhetoric, for the Treasury secretary and the key focus will be getting policy implemented in terms of fiscal relief."

The dollar has bounced in recent weeks but suffered its worst annual loss since 2017 last year. Yellen, who served as head of the U.S. Federal Reserve from 2014 to 2018, is expected to win confirmation in the Senate and will likely be one of the first Biden Cabinet picks to be confirmed.

 

Treasury nominee Janet Yellen to say U.S. does not seek weaker dollar: WSJ
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (14)
perplexed76 .
perplexed76 . Jan 18, 2021 1:19AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
eur/usd 0.87 in the near future
tonald drump
tonald drump Jan 18, 2021 1:10AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Dems now support King Dollar. Hey Kudlow!
Michael Angelo
Michael Angelo Jan 17, 2021 9:38PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Looks like this website is full of economy phd's that have all the answers. Where were during the last infamous years, hibernating in Siberia.?
tonald drump
tonald drump Jan 17, 2021 9:38PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
"the last infamous years?" huh?
Nate Johnson
Nate Johnson Jan 17, 2021 9:38PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Everyone on here has a PhD in commenting. Haha. You didn't know this?
peter neal
peter neal Jan 17, 2021 8:03PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Either Biden and Yellen are fools and don't understand Economics or they are deliberately trying to collapse the US Economy with debt. Has to be one or the other. Someone should ask them which it is.
Edward Chong
Edward Chong Jan 17, 2021 8:03PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
yellen understand this planet needs the dollar so she is juz playing along with it. simply no currency can replace the dollar at the moment.
Robert Conley
Robert Conley Jan 17, 2021 6:59PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
...re-globalization has begun...back to selling out the United States
Silverbug 19
Silverbug 19 Jan 17, 2021 6:55PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
And that's all. Powell well be at the helm.
David Heiser
David Heiser Jan 17, 2021 6:51PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Guess they expect no one who reads this will understand how economics work.
Tom Daniel
Tom Daniel Jan 17, 2021 6:12PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yeah. Anyone who believes any of you is a fool. Just keeping prijting trillions. Soon its over anyway
Alexander Abgar
Alex2022 Jan 17, 2021 6:12PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Then you dont understand what USD really is and how powerful it is.
John Cerniuk
John Cerniuk Jan 17, 2021 6:12PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Alexander Abgar it is till it isnt...
Sol Wein
Sol Wein Jan 17, 2021 6:04PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Hahahahaha! Perpetuating lies
Оля Раваева
Оля Раваева Jan 17, 2021 6:01PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Pure hypocrisy
George Roshtein
George Roshtein Jan 17, 2021 6:01PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Petrodollaru. You need weaker dollar to increase export, to decrease $30T debt. How in the *******are they keeping dollar strong, and increase export, while decreasing debt? Some magic?
Christian Gustafson
Christian Gustafson Jan 17, 2021 6:00PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
She will not serve in any Cabinet.
Kaveh Sun
Kaveh Sun Jan 17, 2021 5:20PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Where does Biden get money for his stimmy? China?
New Jazenevd
New Jazenevd Jan 17, 2021 4:30PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
You do not have to “seek weaker dollar”. You just destroy monetary system by deficit spending and “weaker dollar” comes in naturally. Janet has long experience in this process.
William WANDD
William WANDD Jan 17, 2021 4:30PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Good point, thumbs up!
Michael Angelo
Michael Angelo Jan 17, 2021 4:30PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Because in this administration deficit and dollar were defended no...
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email