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There are a few reasons why countries are moving away from the US dollar as the dominant intermediary currency:1. Reduce reliance on the dollar. By settling more trades in their own currencies, these countries gain more independence from the dollar. The dollar's value can fluctuate for reasons outside their control, impacting their trade balances. Using their own currencies provides more stability. 2. Reduce transaction costs. When trades are settled in dollars, there are often currency conversion costs and fees involved. Using local currencies eliminates these extra costs. 3. Increase geopolitical power. As more countries start using their currencies for global trade, it makes those currencies stronger and more influential on the global stage. This boosts the countries' geopolitical and economic power relative to the US. 4. Circumvent US sanctions. Some countries want to make their trade relationships less vulnerable to potential US sanctions that target the dollar payments system. Using local currencies provides an alternative.
The Middle East is also planning to stop using the US dollar. What is the advantage for these countries to stop using the US dollar？Countries are increasingly ditching the US dollar as an intermediary because it has become increasingly apparent that the US is unreliable and untrustworthy. The US has a history of unilaterally imposing sanctions on other countries, and the recent sanctions imposed on Russia have shown that the US is willing to use its financial power to hurt other countries. In addition, the US has a history of printing money to finance its own debt, which has devalued the US dollar and made it less desirable as an intermediary.Countries are ditching the US dollar as an intermediary because it is becoming increasingly apparent that the US is unreliable and untrustworthy. The US has a history of unilaterally imposing sanctions on other countries, and the recent sanctions imposed on Russia have shown that the US is willing to use its financial power to hurt
Powered by WikiFX: (GOLD, EUR/USD, GBP/USD, USD/JPY, ) Technical Analysis June 09 , 2023
According to Youtuber “Coffeezilla”,Traders Domain is a forex broker that is suspected of being a Ponzi scheme involved in a $500 million fraud. The Traders Domain claimed that in three years, they made returns of $473,661.37. some reports said that a lot of people and celebrities who have money in this broker and they cannot withdraw their money and eventually lost all of their funds.
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