LONDON (Reuters) – Some signs of de-dollarization are emerging now, but the dollar is likely to retain its “broad footprint” for the foreseeable future, JPMorgan’s currency strategists said in a note on Monday.
“Pulling together various metrics, overall USD usage remains within its historical range with the dollar leading the pack, but usage is bifurcated under the hood,” wrote the bank’s strategists Meera Chandan and Octavia Popescu. of Wall Street.
The share of the dollar in volumes of currencies traded is just below all-time highs at 88%, while the share of the euro has fallen by 8 percentage points over the past decade to an all-time high of 31%. . The share of the Chinese yuan, meanwhile, reached a record high of 7%.
“De-dollarization is evident in foreign exchange reserves where the (dollar’s) share has fallen to a record high as the share in exports has declined, but continues to emerge in commodities,” the strategists said. .
(Reporting by Amanda Cooper; Editing by Karin Strohecker)