Golden Finance reported that XTB research director Kathleen Brooks said that the U.S. dollar fell after U.S. President-elect Donald Trump announced that he would nominate hedge fund manager Scott Bessant as Treasury Secretary. "Bessant is seen as an antidote to Trump's most extreme economic views," Brooks said. Bessant, who advocates reducing government spending, is expected to argue for a slow and steady approach to potentially inflationary trade tariffs. Brooks said this could boost risk sentiment and reduce safe-haven capital flows to the U.S. dollar. However, the dollar's losses will be limited due to the excellent performance of the U.S. economy. The dollar could still be "biased to the upside through year-end, and any weakness could be used as a buying opportunity."