After China's rapid recovery from the COVID-19 pandemic, a debate ignited regarding the remaining duration of the dollar's dominance in global markets, which has lasted for 50 years.
The struggle in the United States to revive its economy and manage the pandemic, contrasted with the swift return to growth in Asian countries, has resulted in the dollar experiencing its worst performance since 2017. However, nothing has managed to weaken the twin forces supporting the dollar's supremacy: the United States' role as a driver of global growth and its status as a safe haven for investors, making it their first choice during crises. Mark Chandler, a chief market strategist at Forex Banoakburn Global, stated that the center of the global economy is shifting from the North Atlantic, where it has been for the past 500 years, to the Pacific, and that currency markets will reflect this change over time.
