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The dollar weakened against most major counterparts after President Barack Obama said he would agree to sustain tax cuts, boosting investor demand for higher- yielding assets. The dollar reached a three-week low against the yen after Obama broke a stalemate over extending middle-class tax cuts, introduced by the administration of George W. Bush, before Congress adjourns.
The current tax rates, enacted in 2001 and 2003, are set to increase Dec. 31. "Risk has taken a bit of a bid tone today and part of that was due to some of the concessions last night by Obama,” said Lauren Rosborough, a senior strategist at Westpac Banking Corp. in London. “The suggestion is that the extension of the Bush tax credits will add stimulus for the U.S. economy.”
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