The US dollar is hammering its way to the top outperforming every leading currency in the world, including that of BRICS nations. 11 leading global currencies have fallen against the US dollar from year-to-date in 2024.
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The spike comes when BRICS and other developing countries are looking to uproot the US dollar as the world’s reserve currency. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.
Despite the dangers of de-dollarization, the US dollar outpaced all currencies making them dip to new lows. The development indicates that bringing the US dollar down is a herculean task that cannot be achieved for now.
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11 Currencies Fall Against the US Dollar, Including That of BRICS
From the year to date in 2024, the US dollar outshines nearly 11 currencies including BRICS. The New York Times revealed that the USD is strengthening making other countries worried about their currencies and native economies. Below are the 11 currencies that dipped against the USD this year.
1. Japanese Yen -10%
2. Argentine Peso -7.7%
3. South Korean won -6.5%
4. Brazilian Real -5%
5. Australian Dollar -3.9%
6. Canadian Dollar -3.4%
7. Eurozone -3%
8. Chinese Yuan -2.1%
9. South African Rand -1.9%
10. Pound Sterling -1.6%
11. Mexican Peso -0.6%
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The BRICS alliance which aimed to bring the US dollar down is among the hardest hit in the list. Apart from the US dollar, commodities like gold, silver, and copper have also surged in price delivering double-digit profits. The commodity markets have outpaced the US equities market this year and are attracting heavy bullish sentiments.
BRICS now needs to take different initiatives to bring its ideology to shape. If not, their local currencies will only take a beating against the growing US dollar.