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

The selection of Scott Bessent as the next Treasury Secretary has fueled a rally in currencies around the world, as traders trim bets that the return of Donald Trump will send tremors throughout global markets.

Benchmark 10-year Treasury yields were down more than 5 basis points to 4.355% and the dollar was also lower on the yen, sterling and Antipodean currencies. [US/] [FRX/] "The market view (is) that Bessent is a 'safe hands' candidate,