Dollar Extends Gain After Mnuchin's Remarks

The U.S. dollar extended early gain against its most major rivals in early New York deals on Wednesday, after U.S. Treasury Secretary Steven Mnuchin asserted that Trump's proposal calls for tax rates of 15 percent on all business.

Speaking to CNBC, Mnuchin said that the Trump administration is planning an overhaul of the U.S. tax code with the corporate tax rate to be slashed to 15 percent from 35 percent currently.

The plan earmarks "the biggest tax cut and the largest tax reform in the history of our country," he added.

The greenback spiked up to 111.74 against the yen, its strongest since March 31.

The greenback climbed to 0.9960 against the Swiss franc and 1.0874 against the euro, from its early low of 0.9919 and a 5-1/2-month low of 1.0951, respectively.

The next possible resistance for the greenback is seen around 113.00 against the yen, 1.01 against the franc and 1.07 against the euro.

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