The U.S. dollar surges Friday to trade at its highest since January 2017.
The U.S. dollar soared versus the Japanese yen Friday, taking it to another five-year high as the Federal Reserve and Bank of Japan prepare for monetary policy meetings next week.
The dollar jumped 0.9% versus the Japanese currency USDJPY to fetch 117.17 yen, trading at a level last seen on Jan. 4, 2017, according to Tullet Prebon data. It would be the dollar’s strongest daily jump versus the yen since November. Anderson and Gallo have argued the pair should be trading above 120 yen given movements in U.S. bond yields , while oil CL.1 BRN00 trading above $100 a barrel is a “hugely negative” factor for the yen, given the country’s reliance on energy imports.
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