Moody’s: The US dollar will maintain its dominant position in the coming decades
According to credit rating agency Moody's, the dominance of the US dollar in global trade and finance is likely to last for decades, despite increasing challenges.
While the report notes that the US dollar's position could face challenges from policy mistakes or defaults such as those related to the recent debt ceiling negotiations, it highlights that any shift away from the dollar would be a complex process that would take decades to materialize. The dollar's near-term risks don't necessarily mean that its dominance is under threat.
The report also states that the greater polarization of US political decision-making over the past decade has undermined the predictability and effectiveness of its policymaking, which could contribute to weakening the dollar's position in the long run. However, Moody's also acknowledges that US economic leadership globally is still considered to be stronger than any other country's, and that the US has more developed financial markets than any other nation.
The US dollar has been the dominant reserve currency since World War II, with many emerging economies pegging their currencies to the dollar and storing their foreign reserves in US Treasuries. Although some countries have made efforts to decrease their dependence on the dollar, the lack of a feasible alternative means that this is unlikely to change in the near future.
Moody’s: The US dollar will maintain its dominant position in the coming decades
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