– The dollar rose to two-week highs against a basket of the other major currencies on Thursday amid optimism that the U.S. tax reform bill will pass by the end of the year.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.11% to 93.63 by 12:05 PM ET (17:05 GMT).

The dollar edged up against the yen, with USD/JPY rising 0.35% to 112.66, pulling away from the previous day’s low of 112.37.

Demand for the dollar remained supported by hopes that U.S. Congress will soon pass tax reform legislation that gives the economy a fiscal boost. On Wednesday the Senate voted to go to a conference committee with the house to negotiation the tax reform bill, giving investors hope that Congress will agree on a final bill before the Dec. 22

The euro was near two-week lows against the firmer greenback, with EUR/USD falling to 1.1793.

Sterling meanwhile gained ground, with GBP/USD inching forward 0.28% to 1.3430 after falling as low as 1.3387 amid fears that a Brexit deal may not be reached ahead of next week’s European Union summit.

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