Dollar sinks amid Trump crisis instability fears

The dollar is sinking with a fresh crisis in the White House fueling concerns that US President Donald Trump’s economy-boosting agenda could be run off-track.

While the Oval Office has furiously denied any wrongdoing, there is a growing sense of crisis that even raised questions over a possible impeachment, throwing into doubt Trump’s plans for tax cuts, big spending and red-tape slashing.

The dollar took a beating in New York and extended the losses today. The euro briefly broke above $1.11 to levels not seen since Trump’s election win in November, while the yen is also piling pressure on the US unit. The dollar bought 112.52 yen, well down from recent peaks above 114 yen seen last week.

— AFP