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

Bessent, founder and CEO of hedge fund Key Square Group, served as an economic adviser to the Trump campaign, often appearing on financial talk shows to argue in favor of the president-elect's economic policies.

If confirmed, Bessent would runn the department that manages the nation's finances as well as its tax agency, the Internal Revenue Service.