The US dollar and bitcoin, which have experienced a surge since Donald Trump’s election victory, saw a slight pullback.
Bitcoin, after surpassing $99.4K late on Friday, dipped below $96K on Sunday but has since rebounded, trading above $98K this morning.
This dip has been attributed to the President-elect’s decision to appoint Scott Bessent as Treasury Secretary. As a relatively conventional choice, Bessent’s selection—highlighting his background as a hedge fund leader—signals to markets that Trump may adopt a more measured approach to economic policies.
Erik Nielsen of UniCredit summarized the sentiment: “After the drawn-out contest for the Treasury role and Trump’s other nominations, financial markets in the US collectively breathed a sigh of relief when Bessent was announced.”
Oil prices have started the week in decline, potentially weighing on the FTSE 100. Brent crude has fallen 0.65% to $74.68 per barrel.
Asian markets are showing mixed performance this morning. Japan’s Nikkei and India’s Sensex are up by 1.3% and 1.4%, respectively, while the Hang Seng and Shanghai Composite are slightly down, losing 0.3% and 0.1%.
Tokyo gained over 1%, despite the yen strengthening against the dollar. Other key markets, including Hong Kong, Shanghai, Sydney, Seoul, Singapore, Taipei, Wellington, Manila, and Jakarta, also traded in positive territory.
