Bescent nominated for US Treasury Secretary, analyst: The dollar needs some consolidation time now

US President-elect Donald Trump's nomination of Scott Bessent to be US Treasury secretary has cooled the dollar's recent rally. After Mr. Bessent took office, market participants saw the hedge fund manager taking a more phased approach on tariffs and trying to rein in the budget deficit as a positive sign for the US economy and markets. Erik Nielsen, chief economic adviser at UniCredit, said: "When Mr. Bessent was announced as Treasury secretary, you could really hear a sigh of relief from US financial marekt participants." Jason Wong, currency strategist, said: "The dollar has recently experienced a remarkable rally due to Trump's trade policies and stronger economic data, and now needs some consolidation time. Even if it may rise further in the coming months, it is time to take a breather."