The usd has weakened against the currencies of the G10 countries.
According to Zhitong Finance APP, Donald Trump, the elected president of the usa, nominated Scott Bacement as the Secretary of the Treasury, which has somewhat alleviated the recent upward momentum of the usd. The usd has weakened against the currencies of the G10 countries, with the euro, british pound, and australian dollar rising against the usd. Among the emerging markets currencies, the Mexican peso, baht, and renminbi have performed excellently. The usd has fallen below 107.

Last Friday, the mmf set a record for the longest week of consecutive gains in over a year, as traders continued to digest Trump's fiscal policies, including comprehensive trade tariffs and sustained economic growth. This led to the euro falling against the mmf to a two-year low, while the swiss franc dropped to its lowest level since July.

However, after Bassett's nomination, surveyed market participants believe that this hedge fund manager will take a more staged approach to tariffs and attempt to control the budget deficit, which is seen as a bullish signal for the usa economy and markets.
Erik Nielsen, chief economist at the United Bank of Credit, stated: 'After a long competition, when Bassett’s nomination was announced, you could really hear a sigh of relief from the participants in the american financial markets.'
Jason Wong, a forex strategist at the New Zealand Bank, stated that after the mmf has significantly risen due to Trump's trade policies and stronger economic data recently, it will enter a consolidation phase. 'Even if the mmf is able to rise further in the coming months, it needs a short break.'