The dollar surrendered a little of its recent gains on Monday as investors assumed the pick for U.S. Treasury secretary would reassure the bond market and pulled yields lower, shaving some of the dollar's rate advantage.

Trump's nominee to run the Treasury faces a tall order—dealing with mounting debt, implementing an aggressive tariff regime, and navigating a thorny relationship with the Federal Reserve.

Investors seemed to signal their approval for Scott Bessent as a safe choice to implement the president-elect’s economic agenda.