The U.S. dollar rose on Friday as Republican negotiators in the U.S. Congress put the finishing touches on a sweeping tax overhaul, raising expectations that the bill would be passed by year-end.
Representative Kevin Brady, chairman of the tax-writing House Ways and Means Committee, told reporters that Republicans on the House-Senate negotiating committee working on the revamped bill had signed the finished product and the details would be published when the full House convenes at 5:30 p.m. EST.
It comes after two Republicans sought changes to the proposed legislation.
"People will be eyeing up the U.S. tax plan. There are expectations building they could have it done by next week, if not that pushes if off until next year," said Mark McCormick, North American head of foreign exchange strategy at TD Securities in Toronto.
The tax bill needs a simple majority to pass in the Senate, in which Republicans hold just 52 of the 100 seats, and no Democrats are expected to support it.