Smoke and missiles have lit up the skies in Israel and Iran in a fierce standoff triggered by fears over Tehran’s expanding nuclear program. Since June 13, hundreds of military strikes have been exchanged as the two nations remain locked in a conflict that shows no signs of abating.

President Trump spoke alongside Canadian Prime Minister Mark Carney at the start of the Group of Seven Summit, where nations are seeking trade deals with the U.S.

A dramatic spike in the potential for all-out war between Israel and Iran would typically be expected to spark an immediate and strong rally in the U.S. dollar, with investors seeking the safety and liquidity of the world's reserve currency.