Big rebound of the euro against the dollar!

(Boursier.com) — Nice jump for the euro. The single currency rebounded by 1% against the dollar ($1.0518) after reaching its weakest level since 2022 last week. Traders are reacting to the appointment of Scott Bessent as Treasury Secretary. An essential position in the American administration, currently occupied by the former boss of the Fed Janet Yellen. Scott Bessent is a fund manager, founder of Key Square, who worked for George Soros. He served as an economic advisor during Trump’s campaign.

In an interview with the Wall Street Journal, Bessent said his priority would be to deliver on Trump’s various tax cut promises, while cutting spending and “maintaining the dollar’s status as a reserve currency.” world”.

“The appointment of Scott Bessent as Secretary of the Treasury (…) should reassure the markets. In particular, he has a fairly conservative view in terms of fiscal policy, defending the idea of ​​reducing the public deficit, today at -above 6% of GDP to 3% At the same time, he supports the tax cuts promised by candidate Trump Finally, he has views which seem more moderate in terms of increases in customs tariffs. LBP AM analysts. “Bessent is seen as an antidote to Trump’s most extreme economic views,” adds Kathleen Brooks, research director at XTB, quoted by ‘Bloomberg’.