Depreciation of the dollar globally

The dollar was broadly lower on Wednesday after a brief recovery following the release of better-than-expected US retail sales data, as traders focused on the possibility of a rate cut by the U.S. central bank by September. .

However, the New Zealand dollar rose after data showed domestic inflation in the second quarter was higher despite the headline figure missing expectations, according to Al-Mayadin.

The New Zealand dollar increased by 0.35% to 0.6071 US dollars. In the broader market, the dollar fell as it failed to hold on to gains after U.S. retail sales data, which showed strength in consumer demand in the world’s largest economies and boosted growth prospects for the second quarter.

Earlier, John Carney, the economic editor of “BrightBart” magazine, has warned in a meeting that the weak value of the dollar can be a “serious threat” to America’s vital influence on the world stage. He continued: This is not only a serious threat, but also inevitable in my opinion.

This expert’s statement refers to China’s continuous efforts to eliminate the dollar. It seems that the Chinese started the strategic process of de-dollarization of their business transactions during the annexation of the Crimean Peninsula to Russia. 

Translator: Mina Azimi