The US dollar weakened and Treasuries rallied on Monday as the nomination of Scott Bessent as Treasury secretary eased investor fears over president-elect Donald Trump’s trade tariff plans.
The dollar index, which tracks a basket of currencies such as the yen and euro, was down 0.5 per cent. The euro gained 0.6 per cent against the US currency.
The index had rallied more than 7 per cent from the beginning of last month to Friday, as a major beneficiary of a so-called Trump trade on expectations that his policies of tariffs and tax cuts would drive inflation and put upward pressure on US interest rates.
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