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The debate about the US dollar’s dominance in global trade has seen a myriad of opposing viewpoints. While there is a growing de-dollarization sentiment, especially among developing nations, the dollar may not be at its end just yet. In fact, the greenback’s role in global economics may be growing according to some industry experts. Bank of America (BoA) strategist Ralph Axel is of the opinion that the US dollar is gaining on other currencies. Axel says that the world has been “rapidly dollarizing” over the last 10 years. De-Dollarization Just A Temporary Inconvenience? Source: Watcher.Guru There is a sentiment that the US dollar is losing steam. The figures also seem to support this notion. The US dollar index (DXY) is down 9.7% year-to-date. This is the lowest the figure has been since the 1980s. The dip has led to substantial concerns about asset managers and financial institutions potentially pivoting away from the US Dollar to other currencies and gold. Desp...

BRICS countries are looking to push their local currencies into the top 12 currency list and surpass the US dollar. The attempts to usher the world into a new financial era are ongoing as emerging economies now want to tilt the power from the West to the East. Central banks of developing countries are diversifying their reserves with gold and other assets and cutting down on the USD. Also Read: BRICS: 71 Countries Settled Trade Without the US Dollar Emerging economies are displaying a cold shoulder to the US after the recent trade wars and tariffs blow up. They are now looking to safeguard their economies and to help sustain their GDP by themselves. The BRICS bloc is also convincing other countries to use their local currencies more and not the US dollar. The development is strengthening other local currencies making it come under the top 12 currency list. BRICS: The Latest Top 12 Currency List: Where Does the US Dollar Stand? Source: Freepik.com The US dollar stands in the 10th positi...