The dollar came under pressure Thursday after a report suggested the next move from the ailing Bush administration would be to dismiss Treasury Secretary John Snow. Joshua Bolten, Bush's new chief of staff, wants to replace Snow with someone who can "more forcefully" convey the administration's message that the economy is strong, the New York Times reported, quoting an anonymous source described as a "prominent Republican." Snow has been criticized for being a "cheerleader for the dollar," even in 2004 when the administration wanted the currency to weaken, according to Ashraf Laidi, currency strategist at MG Financial. A new Treasury secretary might be more inclined to boost the economy via a weaker dollar, which would cheapen U.S. exports and help relieve the soaring trade deficit, Laidi says. In addition, Snow's replacement might be more aggressive in adding pressure on China to let its currency, the yuan, appreciate vs. the dollar from artificially low levels. Similarly, Japan might be "encouraged" to raise interest rates faster, a move that would boost the yen vs. the dollar. Administration officials and Snow himself declined to comment on the report, according to Reuters. The dollar nonetheless dropped 0.8% vs. the euro and 0.3% vs. the yen on Thursday. The greenback's swoon also helped propel commodities, most of which are dollar-denominated. Gold and oil, which tend to move on geopolitics jitters, also received a bid after news that Iran refused to back down on plans to develop nuclear energy. Gold surged $13.20, or 2.3%, to $592.10 an ounce, a 25-year high. Crude oil rose 70 cents to $67.15 a barrel, a two-month high. The dollar's weakness also weighed on Treasuries, which were already under pressure after revisions to the fourth-quarter GDP revealed a stronger-than-expected inflation picture. The price of the benchmark 10-year Treasury bond fell sharply while its yield, which moves inversely, rose to 4.86%, a 22-month high.