ECONOMIC AND MARKET OVERVIEW
It is fair to argue that over the past 20 years the role of the dollar should have weakened, allowing other currencies to gain significantly more traction – yet this has not occurred. Is this about to change?
During 2022 the average daily turnover of the US dollar in foreign exchange markets amounted to an incredible $6.638 trillion, representing 88% of the global foreign exchange market. This is according to data provided by the Bank for International Settlements (BIS). Moreover, the role of the dollar has remained largely unchanged over the past 20 years, despite the US economy declining as a share of world GDP from 31% in 2002 to 25% in 2022.
