Financial markets applauded President-elect Donald Trump’s choice for U.S. Treasury secretary on Monday, as currencies all around the world rose in anticipation that hedge fund manager Scott Bessent would lessen the impact of Trump’s more severe economic stances.
After an incredible rally since late September, the U.S. dollar index, which compares the greenback to six other currencies, lost some of its recent gains Monday, dropping 0.5% to 107.01.
A strong performance, the euro increased 0.7% to trade at $1.049 at 12:50 p.m. London time. The value of the Antipodean, Japanese, and pound sterling currencies was also rising in relation to the US dollar.
Investors around the world reacted to reports late Friday that Trump had indicated he intended to appoint Bessent to one of the most powerful positions in the U.S. administration. International finance, public debt, and tax policy are all within the Treasury Department’s comprehensive supervision.
Source (CNBC)
