Where's De-Dollarization? US Dollar Hammers Other Currencies in 2024
A handful of developing countries in Asia, Africa, and Latin America launched De-dollarization initiatives hoping to pull the US dollar down from the world’s reserve status. The main agenda of De-dollarization is to put local currencies ahead of the US dollar for global trade and commerce. The development, according to them, would strengthen their native economies boosting the prospects of local currencies in the foreign exchange market. Also Read: Wages in the US Rise 7%, Home Prices Skyrocket 45% Moreover, things have not gone down as planned as the US dollar outshined all local currencies in 2024. The USD outpaced other currencies this year despite threats of the De-dollarization agenda that’s gripped the developing world. Source: MarketWatch The DXY chart, which measures the US dollar’s performance shows it climbing above the 106 mark. The US dollar plummeted to 101.8 early this year causing turmoil in the American economy giving hope to the de-doll...