US official repeats strong dollar policy

The United States backs a strong dollar but believes the currency market should determine exchange rates based on fundamentals…

The United States backs a strong dollar but believes the currency market should determine exchange rates based on fundamentals, US Treasury Secretary Mr John Snow said today during a visit to Ireland.

"I've had a tradition of never commenting on the relative exchange value of the dollar," Mr Snow said in Dublin.

"Secondly, our policy on the dollar is well known. We support a strong dollar. A strong dollar is in America's interest. Currency values are best set in open, competitive exchange markets."

Mr Snow is meeting the Taoiseach, Mr Ahern, in his constituency office in Drumcondra this morning.