US NOV FLASH MANUF PMI 48.8 (FCST: 48.9); OCT 48.5

MNI:Largest Canada New Home Price Dip Since `09 Led By Toronto

CANADIAN OCT FLASH RETAIL SALES +0.7%, 4TH STRAIGHT INCREASE

MNI China Daily Summary: Friday, November 22

MNI: PBOC Net Drains CNY345.9 Bln via OMO Friday

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: Gilt Syndi; IT, EU Due Monday

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL NOV INDEX 71.8

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

FOREX: Dollar Weaker As Trump Nominates Scott Bessent For Treasury Secretary

FOREX
BulletMarketsFixed Income BulletsForeign Exchange Bullets

The USD is weaker across the board in the first part of Monday Asia Pac dealing. Trump's pick of Scott Bessent as Treasury Secretary is a likely driver. The BBDXY index closed at 1291.22 in NY trade on Friday, a fresh high back to Nov 2022. However, we sit more than 0.50% weaker against EUR and AUD in early Monday dealings, while yen and GBP are both up around 0.40% against the USD. The NZD is up by a similar amount. 

  • The pick of Scott Bessent as Trump's nomination for US Treasury Secretary, from late on Friday, is is seen something that is likely to welcomed by markets.
  • Bessent is in favor of reduced fiscal deficits and a gradual approach to US tariffs, in terms of some of the remarks he has made. On tariffs Bessent has stated its a negotiating position. On US government spending he noted "We have to get the short term under control before the long term can be dealt with." (see this BBG interview from back in August). Hence some fo the Trump related refleaton trades from a USD standpoint are seeing earlier pressure.
  • EUR/USD is back to 1.0480, after ending last week at 1.0418. USD/JPY is back to 154.15/20. AUD/USD is near 0.6535/40 (ending Friday's session near 0.6500). USD/CNH is down around 0.20% to 7.2430. 
220 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

The USD is weaker across the board in the first part of Monday Asia Pac dealing. Trump's pick of Scott Bessent as Treasury Secretary is a likely driver. The BBDXY index closed at 1291.22 in NY trade on Friday, a fresh high back to Nov 2022. However, we sit more than 0.50% weaker against EUR and AUD in early Monday dealings, while yen and GBP are both up around 0.40% against the USD. The NZD is up by a similar amount. 

  • The pick of Scott Bessent as Trump's nomination for US Treasury Secretary, from late on Friday, is is seen something that is likely to welcomed by markets.
  • Bessent is in favor of reduced fiscal deficits and a gradual approach to US tariffs, in terms of some of the remarks he has made. On tariffs Bessent has stated its a negotiating position. On US government spending he noted "We have to get the short term under control before the long term can be dealt with." (see this BBG interview from back in August). Hence some fo the Trump related refleaton trades from a USD standpoint are seeing earlier pressure.
  • EUR/USD is back to 1.0480, after ending last week at 1.0418. USD/JPY is back to 154.15/20. AUD/USD is near 0.6535/40 (ending Friday's session near 0.6500). USD/CNH is down around 0.20% to 7.2430.