U.S. dollar extends gains after Trump promises tax cut plan

The U.S. dollar extended gains against most major currencies on Friday, as investors continued to digest U.S. President Donald Trump's promise to release a tax cut plan in the coming weeks.

Trump said in a meeting with U.S. airline executives Thursday that he would made major announcement on a major tax plan which includes lowering overall tax burden on American business over the next two to three weeks.

Analysts said Trump's remarks and the implication of nearly imminent movement spurred the market.

On the economic front, U.S. import prices advanced 0.4 percent in January, following a 0.5-percent increase in December, according to the Labor Department Friday.

U.S. export prices increased 0.1 percent in January, after rising 0.4 percent the previous month.

The dollar index, which measures the greenback against six major peers, increased 0.19 percent at 100.840 in late trading Friday.

In late New York trading, the euro declined to 1.0628 dollars from 1.0661 dollars in the previous session, and the British pound dropped to 1.2477 dollars from 1.2501 U.S. dollars in the previous session. The Australian dollar increased to 0.7672 U.S. dollar from 0.7629 U.S. dollar.

The U.S. dollar bought 113.50 Japanese yen, higher than 113.20 yen of the previous session. The U.S. dollar climbed to 1.0040 Swiss francs from 1.0011 Swiss francs, and it edged down to 1.3093 Canadian dollars from 1.3136 Canadian dollars. Enditem