LONDON — The dollar rose Friday against all key European currencies before the three-day Tokyo economic summit of the seven major Western industrialized nations. Gold prices fell.
The dollar ended the week higher against all key currencies except the Canadian dollar, compared to last Friday's late rates.
Currency dealers said the dollar gained in nervous trading amid speculation that the leaders at the summit, which opens Sunday, might agree to joint measures to stabilize the dollar if it continues to decline.
The dollar opened strongly after making sharp gains Thursday, when most financial markets in Europe were closed for the May Day holiday. But heavy selling of dollars in the Middle East on Friday kept its gains in check.
In London, the British pound fell for the fourth day to $1.5257, down from $1.5275 late Thursday and $1.5260 late last Friday.