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Business

REUTERS
December 6, 2017

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Dollar strengthens

Dollar strengthens

NEW YORK: The dollar rose, hitting a three-week high versus the yen after the U.S. Senate approved a major tax overhaul over the weekend that aims to cut taxes for businesses, while proposing a mixed package of changes for individual Americans.
"Dollar bulls are pinning their hopes on the sweeping tax deal leading to a more rapid pace of interest rate hikes from the Federal Reserve," said Jake Spark, U.S. corporate hedging manager at Western Union Business Solutions, in Washington.
The Republican tax legislation would be the largest change to U.S. tax laws since the 1980s.
Republicans want to add $1.4 trillion over 10 years to the $20 trillion national debt to finance changes that they say would further boost the economy.
Talks will begin, likely this week, between the Senate and the House of Representatives, which already approved its own version of the legislation, to reconcile their respective bills.
But Lennon Sweeting, chief market strategist at XE in Toronto, said he expects the dollar´s gains to be capped by political concerns in Washington.

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