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US Dollar Eases Following Bessent’s Nomination as U.S. Treasury Secretary

UM Editor

November 26, 2024 at 5:20 pm

U.S. Dollar Retreats After Three-Day Winning Streak

The U.S. dollar retreated from two-year highs on Monday, ending its three-day rise. U.S. Treasuries rose after the news of Donald Trump naming hedge fund manager Scott Bessent as the next head of the U.S. Treasury, on expectations that the candidate would be more fiscally disciplined than had been expected. The U.S. Dollar Index decreased by 0.61% to close at 106.83.

(US Dollar Index Daily Price Chart, Source: Trading View)

Traders regarded Bessent as a mature Wall Street figure and fiscal conservative. However, his strong dollar and tariffs advocacy indicates that any currency depreciation would likely be short-lived. This could be an exaggerated market response, but it remains uncertain as to how much power will ultimately lie with the White House versus the Cabinet members.

The debt markets, on the other hand, took some comfort in the fact that Bessent had spent much time as a trader on Wall Street because it would temper the implementation of policies should the markets become volatile. Notably, Bessent had recently suggested undermining Federal Reserve Chair Jerome Powell’s authority by naming his replacement before his term ended, effectively creating a shadow Fed leader—which he has since retreated from.

Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided. 

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