BlackRock's Fink: Dollar strength prompting 'erosion in confidence'

BlackRock's chief executive Larry Fink has said the strength of the US dollar could undermine the economic recovery in the US as it puts pressure on US firms.

The warning is expressed in the foreword to the group's annual report, due to be published next week, the FT reports. It follows a 25% increase in the value of the US dollar against a basket of major global currencies over nine months to the end of March, which has had negative impacts on many US businesses. So far, the export sector has felt the brunt of the pressure, but Fink warned the overall impact could be much wider in future. In the report, Fink writes: "While the US economy as a whole is not overly exposed to exports, many of our largest and most influential companies are....