President Barack Obama did not state that the “US dollar is too strong.” A French official recently told Bloomberg News that the president made his comment during a meeting at a Group of Seven industrial nations summit.
“The president did not state that the strong dollar was a problem,” the US 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 claim of Obama’s comment was made when French reporters met President Francois Hollande on Monday morning ahead of the second day of the G7 summit.
The dollar fell briefly against the euro and the Japanese yen, but recovered quickly after the White House administrator denied the comment.
Sunday’s first session was joined by leaders from the US, Germany, France, Britain, Italy, Japan, and Canada. The first meeting did not focus on currency.