The dollar retreated on Monday after a stellar run as the pick for U.S. Treasury secretary seemed to reassure the bond market about fiscal discipline, pulling yields lower and shaving some of the currency's rate advantage.
Yields on 10-year Treasuries slipped to 4.343%, from 4.412% late on Friday, as President-elect Donald Trump's choice of fund manager Scott Bessent was welcomed by the bond market as an old Wall Street hand and fiscal conservative.
However, Bessent has also openly favoured a strong dollar and supported tariffs, suggesting any pullback in the currency might be fleeting.
The dollar has risen for eight consecutive weeks with many technical indicators flashing overbought on bets Trump's policies would stoke inflation and further support the greenback.
The dollar index was down 0.8% at 107.22 from its two-year peak of 108.090 on Friday. The greenback dipped 0.2% versus the Japanese yen to 154.52 , and further away from its recent peak of 156.76.
The euro edged up 0.3% to $1.0452 and away from Friday's two-year trough of $1.0332. Resistance is up at $1.0555 and $1.0610, with support around $1.0195 and the major $1.0000 level.
Source : Reuters
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