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The dollar is the latest casualty of the deepening political crisis in Washington. The dollar index, which measures the currency against a basket of peers, was down 0.2 per cent on Wednesday — its lowest level since November — as the so-called “Trump trade” faltered. Republican politicians have begun edging away from Donald Trump after the emergence of an explosive report alleging that the US president had asked FBI director James Comey to halt the investigation into former national security adviser Michael Flynn (who was fired over his alleged Russia links). Members of Congress from both parties have escalated calls for former director Mr Comey to appear before them. All this came a day after the outcry over the divulging of classified information to Russian diplomats about an Isis bomb plot. The intelligence was reportedly provided by Israel, prompting one Israeli official to say the country’s “worst fears were confirmed”. 

Despite the growing furore, the FT’s Ed Luce predicts that Mr Trump’s transgressions are unlikely to prompt Republicans — who hold a majority in both houses — to act before next year’s midterm elections. In the meantime, Bosnian-American writer Aleksandar Hemon advises how to write in Trump’s America, where reality has become “unimaginable”. (FT, NYT, Guardian, BuzzFeed, Village Voice)

In the news

Requests for cyber crime aid soar 
Inquiries from overseas prosecutors to their British counterparts about cyber crime have soared in the past year, reflecting London’s dubious status as an attractive potential money-laundering centre for the ill-gotten gains of cyber crime. (FT)

Lloyds back in private hands 
One of the largest bailouts of the financial crisis is drawing to a close, marking a historic moment for the banking sector. The UK government has sold its remaining stake in Lloyds Banking Group for a nominal £900m profit nearly a decade after its £20.3bn taxpayer-backed rescue. (FT)

Seoul warns of conflict in Korea
South Korea’s new president, Moon Jae-in, has warned that there is a “high possibility” of conflict with North Korea. His comments came after his government said it wanted to reopen a channel of dialogue with Pyongyang. (Reuters)

Dyson’s Asia play 
The UK consumer domestic appliances group has opened its first technology lab in Shanghai. China presents a potentially huge untapped well of demand for the UK consumer appliances group, since domestic appliance ownership is low. As always, though, Chinese copycats remain a problem. (FT)

Iran united on foreign policy 
Iranians may be divided ahead of this weekend’s presidential election, but most are in agreement on one issue: the country’s interventions in Syria, Iraq and Lebanon. (FT) 

The day ahead

President Emmanuel Macron is set to name his cabinet, which is expected to include rivals on both the left and right — and the effort at centrism is raising the hackles of the leaders of the Socialist and conservative Republican parties. (Reuters)

Electronics travel ban
EU and US officials will meet in Brussels to discuss the contentious extended carry-on laptop ban. The industry says the measure will lead to delays and confusion across Europe. (Guardian)

Chelsea Manning
The transgender army private jailed for one of the largest leaks of classified documents in US history is due to be released from a military prison after seven years behind bars. (Jazeera)

Keep up with the important business, economic and political stories in the coming days with the FT’s Week Ahead.

What we’re reading

Macron and the euro 
Martin Wolf on the French leader’s challenge to reform the currency, and why solving it may determine whether Marine Le Pen wins next time round. (FT)

My family’s slave
Eudocia Tomas Pulido raised journalist Alex Tizon and his siblings, first in the Philippines and then in the US. He was 11, “a typical American kid”, when he realised that she was his family’s slave — this is her story. (Atlantic)

Robots and risk
Selling life insurance, one of the most complex professions in the world, is at risk of being replaced. By a selfie. Here’s how robots could replace the traditional in-depth assessment of a customer by a qualified underwriter. (FT)

Why there is still no peace between Israel and Palestine
Peace talks have been under way for 25 years, yet a lasting deal is as far away as ever. The history of failed negotiations suggests it is largely because Israel prefers the status quo. (Guardian)

Microsoft makes the most of WannaCry
The cyber attack has exposed failings in organisations around the world but Microsoft is emerging a winner. Not only did Brad Smith, Microsoft’s president and chief legal officer, take the opportunity to tell customers to update software, but he took a shot at the NSA and governments with which technology companies have tussled over privacy and security. (FT)

There is no Japanese corporate cultureThe term “Japanese corporate culture” is often used to explain away a host of business problems in Japan, but consultant Steven Bleistein says the problems lie not with the culture, but within the companies themselves. (NAR)

Video of the day

WannaCry attack risks remain
Current data show more than 1.3m computer systems are still vulnerable to the WannaCry ransomware campaign, which has already seriously affected hospitals, disrupted transport networks and immobilised businesses, according to cyber security analysts. (FT)

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