But the dollar — which soared in November and December on expectation his big-spending, tax-cutting, deregulation plans would fan inflation — continued to struggle in January.
In early trade Monday it bought 113.60 yen, well down from 114.60 yen Friday and more than four percent down from the highs touched late in December. It was also well down against the euro and pound despite ongoing concerns about Britain’s exit from the European Union.
“I suspect we’re entering extremely volatile times for the dollar,” Stephen Innes, senior trader at OANDA, said in a note.
“There remains a high level of uncertainty about the new administration’s dollar policies, especially following President Trump’s recent remarks on the strong dollar directed at China.”
Trump last week said the greenback was too strong against China’s yuan, which he claimed was “killing” the US economy.
The stronger yen dragged exporters on Tokyo’s Nikkei, which ended the morning 1.1 percent lower.
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