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Former Goldman Sachs partner Steven Mnuchin confirms he's been named Donald Trump's treasury secretary

Emma Haslett
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Despite criticism of Hillary Clinton's links to the bank, Trump has appointed an ex-exec
Despite criticism of Hillary Clinton's links to the bank, Trump has appointed an ex-exec (Source: Getty)

Further details have emerged of US President-elect Donald Trump's new cabinet, giving investors fresh hope that the controversial tycoon will not stray too far from the fiscal path.

The dollar rose against both the euro and the yen after it emerged former Goldman Sachs partner Steven Mnuchin had been appointed US treasury secretary.

Mnuchin has confirmed he will lead the Treasury, while billionaire investor Wilbur Ross said he will be secretary of commerce.

Mnuchin has suggested the US could have sustained GDP growth of between three and four per cent.

Ross, an investor and businessman who was the head of investment banking company Rothschild for 25 years, has a net worth of $2.5bn, according to Forbes. He also served as an economic policy adviser to Trump during his campaign.

The dollar rose 0.2 per cent against the euro, to €0.9408, and almost one per cent against the yen, to ¥113.49, on the news, after Mnuchin was quoted as saying Federal Reserve chair Janet Yellen had done a "good job".

President-elect Donald Trump has previously been fairly negative about Yellen: at the beginning of campaigning in May he insisted he will replace her as chairman of the Fed, saying she is a "very capable person" - but added that "she's not a Republican... when her time is up, I would most likely replace her because of the fact that it would be appropriate".

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