US Treasury Secretary Mnuchin: Not surprised markets having a bit of correction

Omkar Godbole FXStreet Contributor

The Dow Jones Industrial Average (DJIA) dropped 800 points yesterday, triggering risk aversion in the Asian equities and FX markets, however, the sharp drop is hardly surprising, according to the US Treasury Secretary Mnuchin.

Key quotes

The US is concerned about yuan depreciation.

A weaker yuan should not be competitive devaluation.

The market is handing Fed unwinding very well.

Markets are not efficient, tend to overshoot in both directions.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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