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U.S. dollar rises on Trump's tax plan

Xinhua, April 26, 2017 Adjust font size:

The U.S. dollar climbed against most major currencies on Wednesday on market expectation for a massive tax reform by the Trump administration.

The administration on Wednesday unveiled the principles of the long-awaited tax reform plan that will significantly cut income taxes for Americans and corporates.

"This is going to be the biggest tax cut and the largest tax reform in the history of our country and we are committed to seeing this through," said U.S. Treasury Secretary Steven Mnuchin on Wednesday.

The dollar index, which measures the greenback against six major peers, was up 0.24 percent at 99.027 in late trading.

In late New York trading, the euro fell to 1.0890 dollars from 1.0938 dollars, and the British pound climbed to 1.2841 dollars from 1.2828 U.S. dollars in the previous session. The Australian dollar declined to 0.7470 U.S. dollar from 0.7540 U.S. dollar.

The U.S. dollar bought 111.45 Japanese yen, higher than 111.11 yen of the previous session. The U.S. dollar increased to 0.9949 Swiss franc from 0.9932 Swiss franc, and it edged up to 1.3609 Canadian dollars from 1.3566 Canadian dollars. Enditem