White House denies Obama said strong dollar a problem

A senior U.S. official denied on Monday a news wire report that President Barack Obama had told a Group of Seven industrial nations' summit that the strong dollar was a problem.

Bloomberg News earlier quoted a French official as saying Obama had made the comment.

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"The President did not state that the strong dollar was a problem," the U.S. official said.

U.S. President Barack Obama and German Chancellor Angela Merkel greet locals dressed in traditional Bavarian folk dress before the two leaders were scheduled to continue to the G7 summit at Schloss Elmau on June 7, 2015 in Kruen, Germany.
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U.S. President Barack Obama and German Chancellor Angela Merkel greet locals dressed in traditional Bavarian folk dress before the two leaders were scheduled to continue to the G7 summit at Schloss Elmau on June 7, 2015 in Kruen, Germany.

A senior U.S. official denied on Monday a news wire report that President Barack Obama had told a Group of Seven industrial nations' summit that the strong dollar was a problem.

Bloomberg News earlier quoted a French official as saying Obama had made the comment.

"The President did not state that the strong dollar was a problem," the U.S. official said.

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"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 Bloomberg report came after a group of French reporters met President Francois Hollande on Monday morning ahead of the second day of the G7 summit.

The dollar fell briefing against the euro and the Japanese yen after the Bloomberg report but recovered after the denial.

The leaders of the United States, Germany, France, Britain, Italy, Japan, and Canada discussed the world economic recovery at Sunday's first session, but officials of other delegations said they did not focus on currencies.