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Dollar Pares Gain as Havens Tick Up, Tax Plan Faces Criticism

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The dollar rose for a third day, though it failed to hold an advance to the highest level in a month as President Trump’s tax plan faced resistance and the yen and Swiss franc modestly rebounded.

Details of Trump’s tax proposal trickled out Wednesday, drawing immediate criticism from some lawmakers and reminding investors of the obstacles the plan faces. Meanwhile, the greenback benefited from weakness in the Canadian dollar, which dropped after the head of the Bank of Canada warned the central bank wasn’t on a preset rate path. The Bloomberg Dollar Spot index was up 0.5 percent on the day after rising as much as 0.7 percent amid a global bond rout.