Kathleen Brooks, head of research at XTB, said the dollar fell as US president-elect Donald Trump announced he would nominate Scott Bescent, a hedge fund manager, to be Treasury secretary. "Bescent is seen as an antidote to Trump's most extreme economic views," said Mr. Brooks. Mr. Bescent, who advocates for less government spending, is expected to argue for a slow and steady approach to trade tariffs that could lead to inflation. That could boost risk sentiment and reduce the flow of safe-haven...
Brooks, an XTB analyst, said the dollar fell because the Federal Reserve seemed more likely to cut interest rates in November and less likely to keep them on hold. U.S. money markets showed a mere 5 percent chance of the Fed not cutting rates in November, down from 12 percent previously, according to data from LSEG Refinitiv. Meanwhile, polls show a very tight race for the US Presidential Election in November. She said the lack of a clear election result would hit sentiment and weigh on economic...