US dollar dips after soaring to 11-month high

London

THE US dollar slipped from an 11-month high against a basket of major currencies on Tuesday, pausing for breath after rallying almost 3 per cent since Donald Trump won the US presidential election.

Mr Trump's shock victory has fuelled expectations of higher US growth, while his plans for heavy fiscal spending and trade protectionism are also seen as likely to fuel inflation. The US dollar has had its best week in a year, while 10-year US government bond yields have jumped about 0.4 percentage point to 10-month highs.