London

THE dollar took a breather on Wednesday after reaching a 14-year high the previous day, while the Swedish kronor chalked up its biggest rise in six months after the Riksbank voted to ease policy further only by the narrowest of margins. Sweden's central bank kept interest rates on hold at -0.50 per cent and extended its bond-buying programme after a split board forced governor Stefan Ingves to use his casting vote for the first time since 2008. The kronor rose to its highest in more than two months against the euro.

The dollar drifted lower, meanwhile, giving back some of the ground gained since the Nov 8 US presidential election. The greenback has chalked up all its 4.5 per cent gains for the year since the election, as traders have bet that Donald Trump's administration will go on a growth-boosting tax cut and fiscal spending spree.