Greenback sinks to 5-week low

London

THE dollar sank to a five-week low below 114 yen on Thursday and was on course for its worst week since November, hit by a loss of confidence in the US reflation trade which has dominated markets since Donald Trump's election.

Speculators had driven the dollar higher on Wednesday in expectation that Mr Trump's first news conference since his victory on Nov 8 would give more detail on new fiscal spending and tax measures to repatriate US corporate capital held overseas.