TOKYOLONDON, Nov 14 Reuters The U.S. dollar continued its relentless march higher on Thursday, trading at a oneyear high against major peers and headed for a fifth straight daily gain fuelled by higher yields and Donald Trump39;s election victory in the United States.

The greenback climbed above 156 yen for the first time since July, while the euro slumped to its weakest since Nov. 2023 and was last 1.05310 down 0.32. Sterling hit its lowest on the dollar in four months at 1.2630.

It39;s all about the dollar and Donald Trump, that39;s the story for FX markets, said Nick Rees currency strategist at Monex Europe.

Higher trade tariffs and tighter immigration under the incoming Trump administration are projected to fuel inflation, potentially slowing the Federal Reserve39;s rate cutting cycle longer term.

These, alongside expectations for deeper deficit spending and higher short term economic growth are lifting Treasury yields, providing the dollar with additional support.

The benchmark 10year Treasury yield hit 4.483 on Thursday, its highest since July.

The Presidentelect39;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 U.S. dollar index , which measures the currency against six top counterparts including the euro and yen, added 0.3 to 106.79, and briefly touched 107, its highest since early November 2023.

The dollar had dipped briefly on…