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Dollar declines as markets Rract to Bessent's appointment
(MENAFN) The Dollar declined during the Asian session as markets responded to President-elect Donald Trump’s selection of Scott Bessent, a veteran fund manager, as Treasury Secretary. Bessent’s views align with Trump’s tariff policies, but his pragmatic approach has been seen as a stabilizing influence. He supports the gradual introduction of tariffs and advocates for tax reform, deregulation, and economic growth to tackle the US's large debt.
These positions have led some to view him as a "safe hand" for the role, offering reassurance to bond markets as well.
However, Bessent’s preference for a strong Dollar and his focus on taxes continue to stir debate. While his appointment may have caused a temporary dip in the Dollar’s value, analysts warn that his economic stance could ultimately strengthen the currency, especially if backed by solid economic fundamentals.
Despite the pullback, the Dollar remains the top-performing currency in November, supported by strong US economic data and expectations of a more gradual Fed easing approach. The Canadian Dollar is the second strongest, followed by the Australian Dollar.
In contrast, the Euro, British Pound, and Swiss Franc are the weakest performers. The Japanese Yen and New Zealand Dollar occupy a middle-ground position.
These positions have led some to view him as a "safe hand" for the role, offering reassurance to bond markets as well.
However, Bessent’s preference for a strong Dollar and his focus on taxes continue to stir debate. While his appointment may have caused a temporary dip in the Dollar’s value, analysts warn that his economic stance could ultimately strengthen the currency, especially if backed by solid economic fundamentals.
Despite the pullback, the Dollar remains the top-performing currency in November, supported by strong US economic data and expectations of a more gradual Fed easing approach. The Canadian Dollar is the second strongest, followed by the Australian Dollar.
In contrast, the Euro, British Pound, and Swiss Franc are the weakest performers. The Japanese Yen and New Zealand Dollar occupy a middle-ground position.
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