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Bitcoin pulls back from record high

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Yen trades below 156 per dollar

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Euro hits weakest since November 2023

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Dollar index hits one-year high

(Recasts headline, updates prices throughout, adds fresh

analyst comment)

By Chibuike Oguh and Alun John

NEW YORK, Nov 14 (Reuters) - The U.S. dollar

strengthened against major peers on Thursday, trading at a

one-year high and headed for a fifth straight session of gains,

propelled by market expectations since Donald Trump clinched a

dramatic return to the White House.

Markets anticipate that the incoming Trump administration

will impose trade tariffs and tighten immigration as well as

deepen the deficit, measures deemed to be inflationary.

The president-elect's Republican Party will control both

houses of Congress when he takes office in January, Edison

Research projected on Wednesday, giving him wide powers to push

his agenda.

The greenback climbed above 156 yen for the first

time since July and was last up 0.56% to 156.38 per dollar. The

euro slumped to its weakest since November 2023 and

was down 0.45% at $1.05165 in choppy trading. Sterling

hit its lowest on the dollar in four months and was last down

0.44% to $1.2651.

Following his election, the market has been looking at

Trump's appointment and seeing that he is not going to

compromise on his campaign goals, whether it's tariffs or China,

said Steven Englander, head of G10 FX strategy at Standard

Chartered in New York. "The market is assuming that he's going

to go ahead and implement all the things that he's promised to

do," he said.

U.S. producer prices picked up in October, the Labor

Department reported on Thursday, a day after data showed that

consumer inflation had barely budged last month. The number of

Americans filing new applications for unemployment benefits fell

last week, suggesting labor market strength, according to the

Labor Department.

The data did not change views that the Federal Reserve would

deliver a third interest rate cut next month.

Fed chair Jerome Powell said on Thursday there was no need

to rush rate cuts given the strong U.S. economy. His speech

echoed earlier comments on Thursday by Federal Reserve governor

Adriana Kugler and Richmond Fed President Thomas Barkin.

The U.S. dollar index, which measures the currency

against six top counterparts including the euro and the yen,

rose 0.17% to 106.64, after reaching as high as 107.07, its

highest since early November 2023. The yield on benchmark U.S.

10-year notes fell 3.7 basis points to 4.414%.

Bitcoin pulled back from a record high of $93,480

overnight and was last up 0.96% to $89,489. Trump has vowed to

make the United States "the crypto capital of the planet."

Ethereum declined 0.27% to $3,144.

The Swiss franc remained under pressure against

the dollar, which was up 0.3% to 0.889 franc. The Australian

dollar fell to a three-month low after marginally

weaker jobs data, weakening to as low as $0.6453.

"The price action that we've had is expected given the

election outcome and the logic behind it is built on

expectations rather than actualities: expectations of fiscal

stimulus, tariffs and deregulation," said Daragh Maher, head of

FX strategy, Americas, at HSBC in New York.

"We've been in the dollar-bullish camp, so this seats neatly

with our narrative, but clearly there's been a big repricing."