Dollar rises to 10-day high ahead of Trump-Abe summit
Currency traders are betting that Friday's meeting between Donald Trump and Japanese Prime Minister Shinzo Abe downplays the chances of trade or currency wars in place of declarations of economic and diplomatic cooperation.
The dollar surged to a 10-day high on Friday against the Yen, regaining losses instigated by the President and his advisors suggesting that the Trump Administration would push for a weaker dollar to boost American exports. It still remains below its yearly high, set in December, after markets prepared for Trump policies that would stimulate the U.S. economy.
Trump's seesaw: Donald Trump's desire to cut taxes and regulation works at cross purposes with his desire to see a weaker dollar. Currency markets will whipsaw as long as Trump's professed goals do.