Wednesday, November 25, 2020

Dollar declines as global currency — Lucas Leiroz

The decline of the dollar as a world currency has set a new record recently. In October, the euro replaced the dollar as the preferred currency for international payments for the first time in seven years. In the same month, the growth of the pound sterling and the Japanese yen as alternative models of global payment was impressive, indicating even more rejection of the American currency, until now considered absolutely hegemonic.

About 37.82% of the money transfers that the Society for Worldwide Interbank Financial Telecommunications (Swift) reported last month were in euros, which means that there has been an increase of more than six percentage points since the end of last year - meanwhile, the use of the dollar has fallen by about from 4, 6 percentage points since last December, reaching 37.64% of transactions in the month of October....
Bearish outlook for the USD.

Dollar declines as global currency
Lucas Leiroz, research fellow in international law at the Federal University of Rio de Janeiro

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