Donald Trump’s pick for Treasury secretary appeared to reassert support for a strong dollar yesterday, adding to conflicting signals over the new administration’s economic policy as he sought to clarify the president-elect’s comments that hit the currency this week.

Steven Mnuchin, a former Goldman Sachs banker, told his Senate confirmation hearing that a strong currency remained important over the long-term, reflecting America’s attractiveness as an investment destination.

On Monday, Mr Trump appeared to break decades of strong-dollar policy in the US by saying the level of the currency was too high and was preventing American companies from competing with Chinese counterparts. The comments caused a sell-off in the greenback, reversing a strong rally that had run since election day.