The dollar’s value plummeted in the first half of the year, largely thanks to the uncertainty caused by Trump’s trade policies. But in recent months, it’s been regaining some of those losses.

It’s down more than 10% since January.

The dollar is hovering around a two-month high. Up until a couple months ago its value had been falling since January. What’s behind the uptick? And what forces may end this trend?

But it would likely come with a side order of inflation.

A lack of predictability and stability is putting the dollar’s “exorbitant privilege” at risk.

Import costs have surged in the country, sending inflation soaring to around 15% — that means shrinking international dollar reserves and a growing parallel black market for U.S. dollars.

In an economic crisis involving hyperinflation, gold would be valuable. A total societal collapse, not so much.

Revenues earned abroad mean more dollars because of the greenback’s decline.

The U.S. economy is still a good investment, if you look at growth and high interest rates, but investors are rattled by high tariffs and high deficits.

For much of the past 80 years, the greenback has served as the world’s reserve currency. There are signs that’s starting to shift.