A senior White House aide said on Tuesday that a stronger dollar and tepid global growth are headwinds for the U.S. economy, as the greenback surged near to a 12-year high versus the euro.
“Quarter to quarter, year to year, what really matters is growth in the rest of the world,” Jason Furman, chairman of the White House Council of Economic Advisers, told a National Association for Business Economics conference in Washington. “And the combination of growth in the rest of the world and a stronger dollar is undoubtedly a headwind for U.S. exports right now, and it’s a headwind for overall GDP growth.”
The dollar appreciated 0.9 percent to $1.0751 per euro at 9:29 a.m. in New York and reached $1.0723, the strongest since April 2003. It rose 0.1 percent to 121.10 yen, and touched 122.03, a level unseen since July 2007.
The U.S. Treasury secretary is the administration’s traditional spokesman on the dollar. Treasury Secretary Jacob Lew spoke on Tuesday in New York and did not discuss developments in currency markets.