Trump hails U.S. dollar strength in tweet

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August 16, 2018 8:54 AM EDT

U.S. President Donald Trump walks across the South Lawn after arriving in Marine One from a recent trip to New York at the White House in Washington, U.S., August 13, 2018. REUTERS/Leah Millis

WASHINGTON (Reuters) - U.S. President Donald Trump praised the strength of the U.S. dollar on Thursday after the greenback reached a 14-month high against a broad basket of other currencies a day earlier.

"Money is pouring into our cherished DOLLAR like rarely before," Trump wrote on Twitter, citing the strength of the U.S. economy.

The U.S. economy grew at a 4.1 percent annualized rate in the April-June period, nearly double the 2.2 percent rate in the first quarter. Growth in the July-September period is forecast to top 3 percent.

Contributing to the strength of the dollar has been the collapse of the Turkish lira, which has led in recent days to flows into the dollar, considered by investors to be a safe haven.

In an interview on Thursday, White House economic adviser Larry Kudlow said the strong dollar indicated global confidence in the U.S. economy.

"It's sending a positive story of global confidence in the USA. That's all. Trillions of dollars are coming in here because we're in an economic boom that virtually nobody thought possible," Kudlow said in an interview with CNBC.

(Reporting by Susan Heavey and Tim Ahmann; Additional reporting by Makini Brice; Editing by Chizu Nomiyama and Steve Orlofsky)


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Forex, Reuters

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Donald J. Trump, Lawrence (Larry) Kudlow, Twitter