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US currency rallies after Trump backs 'strong dollar'

US CURRENCY RALLIES AFTER TRUMP BACKS STRONG DOLLAR

The US currency moved sharply higher against the euro and other currencies Thursday after President Donald Trump said he backed a "strong dollar" in a television interview.

"Ultimately, I want to see a strong dollar," Trump said, speaking on the sidelines of the World Economic Forum in Davos, Switzerland.

The euro, which blew through the psychologically important $1.25 level earlier Thursday, was back at $1.2412 shortly after Trump's comments were released.

The dollar has been under pressure since US Treasury Secretary Steven Mnuchin spoke favorably on Wednesday of a weaker US currency because of its beneficial effect on US exports.

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