U.S. dollar increases on hopes of tax cuts

The U.S. dollar extended gains against most major currencies on Monday, as investors' sentiment were lifted following U.S. President Donald Trump's promise to release a tax cut plan.

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.

The dollar index, which measures the greenback against six major peers, added 0.15 percent at 100.950 in late trading Monday.

In late New York trading, the euro declined to 1.0601 dollars from 1.0628 dollars in the previous session, and the British pound rose to 1.2527 dollars from 1.2477 U.S. dollars in the previous session. The Australian dollar fell to 0.7650 U.S. dollar from 0.7672 U.S. dollar.

The U.S. dollar bought 113.63 Japanese yen, higher than 113.50 yen of the previous session. The U.S. dollar climbed to 1.0053 Swiss francs from 1.0040 Swiss francs, and it edged down to 1.3062 Canadian dollars from 1.3093 Canadian dollars. Enditem