Dollar Dominance Could Give Way to ‘Tripolar’ System With Yuan and Euro

When asked which currencies stand the best chance as a challenger, Jen noted that all others have flaws, especially as international currencies. It indicates the ability to send an email. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. A separate report from the Labor Department on Thursday showed initial claims for state unemployment benefits decreased 16,000 to a seasonally adjusted 230,000 for the week ending April 22. Economists had expected 248,000 claims in the latest week.

“More likely, we will evolve from a unipolar reserve currency world to a multi-polar world.” Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world’s media organizations, industry events and directly to consumers.

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It indicates a way to close an interaction, or dismiss a notification. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The market consensus is that Ueda will leave ultra-easy policy settings unchanged on Friday, but no one is willing to rule out another surprise like the shock doubling of the 10-year bond yield band in December. Markets have priced in a 90% probability of a 25 basis-point rate increase at the May policy meeting, with a pause factored in after that.

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Core personal consumption expenditure prices rose 4.9% in the first three months of the year, higher than the 4.7% consensus and up from the fourth quarter figure. This fund manager has won out over 90% of his peers in the last year. The small-cap expert shared which stocks he’s betting on now — and how to chop down the downside risk in a particularly volatile corner of the market.

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Still, the dollar’s share of global currency transactions for trade finance was 83.7%, compared to 4.5% for the yuan, with analysts saying the yuan is tootightly controlledby the Chinese government. Talk of de-dollarization has surged of late amid growing signs of a tilt away from the US currency. For the first time ever, the yuan eclipsed the US dollar last month as the most used currency for Chinese cross-border transactions. “Without foreign demand for Chinese assets, Chinese savers and households cannot be allowed to invest overseas, and thus the capital controls would need to remain in place,” the economist said. “With capital controls, it would be difficult for the to become a viable international currency.” The dollar has been king for decades but its slippage as a reserve currency has raised concerns as to whether a rival currency will dethrone it.

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• Let’s talk about the dollar’s role on the world stage — and see what one of the leading currency economists has to say about it.

Ultimately, the firm’s strategists don’t expect a big rebound in prices. More likely, we will evolve from a unipolar reserve currency world to a multi-polar world. Our best guess is that this trend will likely continue, but probably not to a point where a non-dollar currency commands a bigger market share than the dollar. Let’s talk about the dollar’s role on the world stage — and see what one of the leading currency economists has to say about it.

Eurozone outperformance has been a key factor for the euro. Germany again revised upward growth forecasts on Wednesday, and a survey showed a continued pickup in consumer confidence. The housing market is close to bottoming, Morgan Stanley said, adding that could allow for an economic soft-landing.

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News on Monday of plunging deposits at First Republic Bank (FRC.N) served as a reminder that stability risks have not entirely died down, while UBS (UBSG.S) reported a 52% slide in quarterly income. You may change your billing preferences at any time in the Customer Center or call Customer Service. You will be notified in advance of any changes in rate or terms. You may cancel your subscription at anytime by calling Customer Service.

And while there have been some announcements of bilateral trade being settled with China’s currency, those volumes are small, and don’t compare to volumes seen across larger financial flows, according to Eurizon. For China in particular, Jen said that the country’s financial sector would first have to improve in quality for the yuan to make headway. But to economist Stephen Jen, the CEO of Eurizon SLJ, a more plausible outcome would be multiple currencies cutting into the dollar’s dominance. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. Link icon An image of a chain link. Close icon Two crossed lines that form an ‘X’.

Meanwhile, central banks are ditching the US dollar and shifting to gold, Rockefeller International Chairman Ruchir Sharma said. Central banks account for a record 33% of monthly global demand for gold and are buying more gold than at any time since data began in 1950, he wrote in the Financial Times earlier this month. A weak consumer confidence report and a decline in Federal Reserve manufacturing data further added to the dollar’s and yen’s safe-haven appeal. To be sure, its role in international trade looks to remain dominant, but that won’t necessarily prevent its decline as a reserve currency. “Our best guess is that this trend will likely continue, but probably not to a point where a non-dollar currency commands a bigger market share than the dollar,” Jen wrote in emailed comments to Insider.