For a handful of dollars

Diminishing the US dollar’s role as the global reserve currency will be gradual. Autocracies will accelerate their efforts to escape the dollar system following the lessons learned from the Russian invasion of Ukraine. But doing so is not easy. For the moment, the US dollar will benefit from the Fed’s tightening policy and its position as a safe-haven. But over time it is set to weaken. For the moment we are staying long the US dollar versus the euro and yen.

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