Dollar Supremacy Cracking As Investors Seek Escape
The dollar's supremacy is cracking, and markets are building an escape route, warns the CEO of one of the world's largest independent financial advisory organizations.
The warning from Nigel Green of deVere Group comes as a sell-off in the US dollar has gained momentum after President Donald Trump says he isn't concerned by the currency's dramatic falls in recent days, as fears in currency markets intensify over the president's erratic policymaking.
The dollar was down 1.3% against a basket of other major currencies, leaving it trading at the lowest level in four years.
The pound and euro climbed to their strongest levels against the dollar since mid-2021. The euro advanced 1.4% to $1.204, while sterling rose 1.2% to $1.384.
The yen extended its three-day rally on Wednesday as Tokyo traders responded to Donald Trump's overnight remarks. It strengthened to ¥152.3 per dollar.
Nigel Green says the sell-off reflects a broader reassessment of US macro risk.
Sterling and the euro rallying in tandem shows capital is searching for alternatives.
The yen's jump adds another layer to the story.
Nigel Green stresses the dollar's reserve status remains intact but less unchallenged.
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