The covid crisis has reinforced the American currency’s domination for now and foreseeably ahead With China seemingly now in control of its covid-19 outbreak and its economy starting to rev up even as the US is still experiencing rising fatalities, some observers view the pandemic and its economic damage as the moment when the baton of global leadership passes from the latter to the former.
With it, they see the end of dollar dominance. Yet, financial markets have hardly paid heed, and for good reason. The covid disaster has only reinforced the dollar’s dominance both now and in the foreseeable future.
According to John Authers, Michael Howell of CrossBorder Capital thinks that just as World War I precipitated the decline of the pound