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JPMorgan, a leading financial giant, has applauded the strength of the US dollar. The financial behemoth, in its newest report, has praised the US dollar’s resilience, adding how the USD has weathered multiple critical junctures to emerge stronger than ever. JP Morgan further acknowledged the role of federal rate cuts, which have played an elemental role in stabilizing the US dollar’s reputation on a global level.  Also Read: The US Dollar Is As Strong As It Was In The 2000s Why Is The US Dollar Emerging Stronger Than Its Contemporaries? Source: Pixabay Per JPMorgan, the US dollar has proven to be “remarkably resilient,” despite being presented with worsening US debt metrics and labor data. The financial behemoth was quick to note how the current rate-cut stance of the Federal Reserve has proven particularly favorable to upholding USD prestige on a global platform.  “This is now being challenged, and the corresponding de-pricing of Fed cuts has take...

The US dollar outperformed all leading currencies this month including the Chinese Yuan, Japanese Yen, and the Indian Rupee. The USD also outpaced the Sterling Pound to become the most powerful currency of April 2024. However, despite the prowess, the US dollar failed to surpass one particular Local Currency and dipped double digits against it. Also Read: Wages in the US Rise 7%, Home Prices Skyrocket 45% This particular Local Currency is rallying hard against the US dollar making it fall during every single trade this year. The policies of the country helped their currency shoot up in price making the USD head south rapidly. So which is the Local Currency that managed to outshine the mighty USD? Well, the answer is Nigeria n Naira . Also Read: US Dollar Outshines the Chinese Yuan, Japanese Yen & Indian Rupee Local Currency Nigerian Naira Rises 12% Against the US Dollar Source: Reuters Local currency, the Nigerian Naira experienced a sustained rally this year...

Billionaire and American hedge fund manager Bill Ackman acknowledged that the US dollar could be on the path of a decline, and Bitcoin or the new BRICS currency could pin the last nail in its coffin. While Bitcoin touched a new high of $71,175, investors are flocking toward the cryptocurrency market for gains. The development is adding pressure on the US dollar as the majority of traders are now looking into BTC to make profits. Also Read: Will BRICS Change Its Name After Expansion? BREAKING: #Bitcoin reaches new all-time high of $70,440. — Watcher.Guru (@WatcherGuru) March 11, 2024 BRICS: Bill Ackman Thinks Bitcoin Could Grow Stronger Than US Dollar Source: Canva Ackman explained that while Bitcoin is using higher energy to mine, its price skyrocketing is attracting new investors. The billionaire added that he too considers buying Bitcoin as it highlights the changing dynamics of the financial world. He expressed caution about the US dollar’s prospects as bo...

BRICS member Russia used the US dollar to settle over 80% of its trade payments up until 2022. The Euro was also the leading currency in Russia to settle cross-border transactions before the US pressed sanctions. However, things took a drastic U-turn after the White House put sanctions on Russia for invading its neighboring country Ukraine. While the Biden administration sought to paralyze Russia’s economy, the opposite of the idea is now beginning to bear fruit. Also Read: BRICS: 159 Countries Eyeing Russia’s New Payment System BRICS: US Dollar Payment Declines By 67% in Russia Source: deccanherald.com / istock Russia’s economy survived the sanctions as BRICS countries began buying oil from the country and laundered it to Europe. The Gulf Cooperation Council (GCC), ASEAN alliance, and BRICS supported Russia by accepting the Ruble as payment for transactions. In addition, Russia reciprocated the gesture by accepting the Chinese Yuan as payment for international t...

The BRICS bloc is looking to put an end to the U.S. dollar’s global reserve currency status. BRICS wants to put their local currencies ahead of the U.S. dollar to settle cross-border transactions. The move will strengthen their native economies making businesses thrive and massively save on one-sided exchange rates. A stronger local currency will reflect positively on their respective GDPs making their economies receive a boost in the arm. Also Read:  34 Countries Look to Join BRICS Alliance After Saudi Arabia’s Entry Not only is BRICS planning to ditch the U.S. dollar, they are convincing other countries to follow the same path. If the de-dollarization trend picks up steam, the U.S. dollar will be the hardest-hit currency in the markets. Read here to know how many sectors in the U.S. will be affected if BRICS ditched the dollar for trade. Also Read:  BRICS Control 47% of Global Oil, U.S. Owns Just 2.1% BRICS: The Era of U.S. Dollar Dominance is Over, Predicts Wal...

The US dollar is strengthening and outperforming all local currencies including that of the BRICS alliance. The US dollar peaking is worrisome to BRICS and other developing countries as it’s affecting their import and export sectors. Apart from BRICS , even developed countries such as the UK, Switzerland, and Japan are worried that a strong US dollar could weaken their trade prospects leading to losses to importers. Also Read: Indian Man Finds $3 Million US Dollars on Railway Tracks Marked to UNO However, Japanese exporters benefited from the Yen’s fall but the same is not the case for the importers. JP Morgan published a report highlighting that Japan, Switzerland, and the UK markets appear to be at risk. The US dollar rallying in the foreign exchange markets is burning a hole to importers from across the globe. According to a new report from Bloomberg, even Taiwan’s import and export sector is at risk of incurring losses. Around 59% of the global trade is...

The global oil supply of the BRICS alliance has been experiencing a sharp rise in 2023. The BRICS alliance inducted six new countries into the bloc and five of them are oil-producing nations. Saudi Arabia, the UAE, Egypt, Iran, and Ethiopia export millions of barrels of oil around the world every year. Argentina is the only new member that does not produce oil. However, it is looking to bring down its dependence on the U.S. dollar. Therefore, the BRICS bloc now controls a major portion of the global oil exports and could challenge the Western hegemony. Also Read: South African President Makes Huge Announcement on BRICS Expansion Read here to know how many sectors in the U.S. will be affected if BRICS stops using the dollar for trade. BRICS Now Control 40.9% of Global Oil Supply, Up 10.9% YoY Source: oilandgasmiddleeast.com / ShutterStock The newly expanded bloc has seen the share of its global Oil supply rise year-on-year (YoY). BRICS now control 40.9% of the world’...

BRICS could shift the global power dynamics in their favor by controlling the majority of the world’s oil and gas trade. The bloc is keen on expansion by allowing Saudi Arabia and the United Arab Emirates into the group. The inclusion of Saudi Arabia and the UAE into BRICS could have a paradigm shift in the oil economy, as it could force other countries to drift away from the USD. Therefore, the first step of the de-dollarization process could begin with oil and gas sales. Also Read: BRICS: South Africa Makes Huge Announcement on U.S. Dollar Supremacy A handful of oil-producing Middle Eastern countries have expressed their interest in joining the bloc. Apart from Saudi Arabia and the UAE, Bahrain, Egypt, and Algeria are looking to join the BRICS. The five Arab nations represented 60% of the world’s oil reserves, and induction into BRICS could spell doom for the U.S. dollar. BRICS: 90% of Oil Sales Might No Longer Be Settled in the USD Source: thecradle.co If the ...