New treasury secretary Scott Bessent is a key appointment for the US dollar. We can’t know his precise policies just yet but he is known to be keen on plugging the massive government deficit and will likely go along with Trump’s tariff policies, while possibly mediating their strength. Following his appointment, economists now expect US inflation to stay above target well into 2025, which could see the US dollar notch further gains over its European counterparts.
EUR/USD: the past year
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