The euro was the most used currency for global payments last month, the first time it has outpaced the dollar since February 2013. Data from the Society for Worldwide Interbank Financial Telecommunications, which handles cross-border payment messages for more than 11,000 financial institutions in 200 countries, showed the European Union’s single currency and the greenback were followed by the British pound and the Japanese yen. The Canadian dollar overtook China’s yuan for the fifth spot, Swift said.
Trade upheaval, a pandemic-induced recession and political disharmony renewed pressure to reduce the share of international payments in dollars. The U.S. currency has weakened more than 11% from its March peak, based on a Bloomberg index that measures it against a basket of major peers, and many observers are predicting its valuation to drop further.
Poster Comment:
The value of your currency is determined by supply and demand. The US Dollar's greatest demand is for money to repay dollar denominated loans made overseas. When those loans are with repaid or cancelled, the Dollar Dies, we are no longer able to buy free stuff from overseas and wages are cut 60%.