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FOREX-Dollar advances ahead of U.S. jobs report; bitcoin nears $16,000
December 7, 2017 / 8:32 PM / 9 days ago

FOREX-Dollar advances ahead of U.S. jobs report; bitcoin nears $16,000

    * Dollar/yen sheds losses as equities rebound
    * Underlying optimism on U.S. tax reform supports dollar
    * Bitcoin hits record high near $16,000

 (Updates prices, adds comment)
    By Gertrude Chavez-Dreyfuss
    NEW YORK, Dec 7 (Reuters) - The dollar rose to a two-week
high against a basket of major currencies on Thursday, on
stronger risk appetite across markets and optimism the United
States will successfully push through a tax reform program. 
    The greenback also gained against the yen, hitting a
three-week high. It slipped against the safe-haven currency on
Wednesday after U.S. President Donald Trump said he would
recognize Jerusalem as the capital of Israel, a move that
imperiled Middle East peace efforts and provoked widespread
condemnation.
    But as global stock prices edged higher on Thursday after
three days of losses, investors bought back the dollar, which
gained 0.7 percent on the day at 113.09 yen. 
    Markets are now focused on Friday's U.S. non-farm payrolls
report, with investors looking at 200,000 new jobs for November,
according to a Reuters poll.
    "Friday's jobs data is unlikely to make a very large impact
on the Federal Reserve's December decision or the U.S. dollar
unless there is a substantially negative deviation from
expectations," said James Chen, head of research at Forex.com in
Bedminster, New Jersey.
    "Any major disappointment in the jobs data has the potential
to adversely affect the Fed's rate decision next week and into
2018, in which case the dollar could take a substantial hit."
    Against a basket of currencies, the dollar hit a
two-week high of 93.745. It was last up 0.2 percent at 93.773.
    U.S. Senate Republicans agreed to talks with the House of
Representatives on sweeping tax legislation on Wednesday, amid
early signs lawmakers could bridge their differences and agree
on a final bill ahead of a self-imposed Dec. 22 deadline.
    
    "Passage of U.S. tax reform is the main upside risk to
economic growth, with far-reaching effects," wrote BofA Merrill
Lynch analysts in a 2018 outlook. 
    Most investors see the tax reform as a pro-growth policy
that should support the dollar, but not all analysts agree it
would be straightforwardly dollar-positive. 
    "The corporate tax reform has the potential to have a
significantly positive effect on the greenback, but due to other
parts of the reform - those that are aimed at preventing tax
base erosion," wrote Commerzbank currency strategists in a note
to clients.
    The euro slipped to a two-week low of $1.1773 against
a stronger dollar. It was last down 0.2 percent on the day at
$1.1776.
    Bitcoin soared to a record high of just shy of $16,000 on
the Bitstamp exchange, continuing a surge from less than $1,000
at the beginning of the year. It was last up 11.8 percent at
$15,283.70 after rising as high as $15,995.

    
  ========================================================
    Currency bid prices at 3:06PM (2006 GMT)
 Description      RIC         Last           U.S. Close  Pct Change     YTD Pct     High Bid    Low Bid
                                              Previous                   Change                 
                                              Session                                           
 Euro/Dollar      EUR=        $1.1776        $1.1795     -0.16%         +12.01%     +1.1814     +1.1773
 Dollar/Yen       JPY=        113.1000       112.2800    +0.73%         -3.23%      +113.1400   +112.2300
 Euro/Yen         EURJPY=     133.19         132.44      +0.57%         +8.16%      +133.2800   +132.4100
 Dollar/Swiss     CHF=        0.9940         0.9897      +0.43%         -2.34%      +0.9945     +0.9884
 Sterling/Dollar  GBP=        1.3463         1.3392      +0.53%         +9.14%      +1.3484     +1.3321
 Dollar/Canadian  CAD=        1.2851         1.2788      +0.49%         -4.31%      +1.2867     +1.2785
 Australian/Doll  AUD=        0.7508         0.7563      -0.73%         +4.06%      +0.7569     +0.7506
 ar                                                                                             
 Euro/Swiss       EURCHF=     1.1708         1.1675      +0.28%         +9.25%      +1.1716     +1.1669
 Euro/Sterling    EURGBP=     0.8747         0.8805      -0.66%         +2.69%      +0.8849     +0.8742
 NZ Dollar/Dolar  NZD=        0.6827         0.6881      -0.78%         -1.64%      +0.6888     +0.6824
 Dollar/Norway    NOK=        8.3152         8.2694      +0.55%         -3.73%      +8.3204     +8.2650
 Euro/Norway      EURNOK=     9.7934         9.7545      +0.40%         +7.79%      +9.7985     +9.7441
 Dollar/Sweden    SEK=        8.4880         8.4327      +0.51%         -6.80%      +8.4927     +8.4222
 Euro/Sweden      EURSEK=     9.9985         9.9479      +0.51%         +4.37%      +10.0061    +9.9367
    
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 (Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by
Jemima Kelly in London; Editing by Susan Thomas and Lisa
Shumaker)
  

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