U.S. Dollar Dominates: Outperforms All 11 BRICS Currencies and Gold
The U.S. dollar continues to reign supreme in the global financial landscape. In the past three months, the U.S. dollar has exceeded all 11 BRICS currencies and major commodities, including gold. The U.S. dollar not only outperformed BRICS currencies, but also surpassed gold, oil, and other commodities in the international markets.
USD Strength Amidst BRICS Challenges
BRICS nations have struggled to challenge BRICS failed to uproot the US dollar’s dominancy despite multiple efforts, which included convincing other countries to ditch the USD. Here’s the list of 20 countries. Despite ongoing discussions about de-dollarization, the USD is the de facto stronger currency and no other local currency has yet been able to unseat it.
BRICS Attempts to Dethrone the Dollar
BRICS is looking to dethrone the U.S. dollar as the world’s reserve currency by implementing various strategies. However, The U.S. dollar is printing new highs against all BRICS currencies in the foreign exchange markets, including the Chinese Yuan, Indian Rupee, and Russian Ruble, showcasing its resilience. The U.S. dollar has outperformed all the 11 BRICS currencies in the last 3 months in the forex markets.
Local Currencies Briefly Outperform
It's important to note that About 10 local currencies have outperformed the US dollar this week, including both BRICS countries. Only the DXY index, which tracks the US dollar’s value against a basket of other currencies, provides a full picture of the dollar's overall strength.
Economic Cold War?
As BRICS nations mount an unprecedented challenge to the US dollar's seven-decade reign as the world's reserve currency, a new economic cold war is brewing. With rising tensions and geopolitical shifts, the future of global finance remains uncertain.
Conclusion: The Undisputed King
In conclusion, the U.S. dollar beat all BRICS currencies, 5 other leading currencies, gold, oil, and commodities in three months. The USD continues to demonstrate its enduring power in the global market.