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Global US-Dollar Shortage - Are We Already in a Recession?

The Dollar survives because Chinese numbers can’t be trusted (sorry yuan) and the Euro is literally trash. The U.S. Dollar is dominating against all odds.​

https://www.bloomberg.com/news/arti...p-a-third-of-global-capital-flows-since-covid

US has nabbed almost one-third of all the investment that flowed across borders since Covid struck.

An International Monetary Fund analysis sent by request to Bloomberg News shows that the share of global flows has climbed — not fallen — since a shortage of dollars in 2020 spooked global investors and the 2022 freezing of Russian assets stoked questions about respect for free movement of capital. The pre-pandemic US average share was just 18%, according to the IMF.
 
https://www.fxstreet.com/analysis/m...seeks-to-limit-use-of-the-dollar-202406171436

More de-dollarization – Tanzania seeks to limit use of the Dollar​

ANALYSIS | 06/17/2024 14:36:00 GMT

On June 13, Tanzania Finance Minister Dr. Mwigulu Nchemba issued a directive in an effort to curb the widespread use of the U.S. dollar in the country.

This is just one among many body blows taken by the dollar over the last several years.

The Tanzanian directive mandates that all transactions in the country must be advertised and conducted in Tanzanian shillings. It will take effect July 1.

"Henceforth, all such payments were to be made in shillings, promoting financial stability and compliance with the law."
Click to expand...
Visitors will be encouraged to exchange foreign currency for Tanzanian shillings to facilitate transactions that support the local economy.

Over the last several years, a growing number of institutions in Tanzania, both governmental and private, have required payments in dollars. This has led to a dollar shortage in the country.

Last month, the Tanzanian central bank began selling dollars held in its reserves to commercial banks hoping to ease a dollar shortage. The combination of a growing demand for greenbacks coupled with the shortage led to a growing black market for dollars.
 
https://www.businessinsider.com/ded...-exchange-rate-benchmark-new-sanctions-2024-6

Russia adopts Chinese yuan-to-ruble as benchmark exchange rate after US sanctions force a further move away from the dollar​

Huileng Tan
Jun 14, 2024, 3:02 PM SGT


Russia's President Vladimir Putin and Chinese leader Xi Jinping shake hands.

Russia's President Vladimir Putin and Chinese leader Xi Jinping
  • Moscow adopted the yuan-to-ruble exchange rate as benchmark after the US expanded sanctions against it.
  • The US sanctions forced the Moscow Exchange to end dollar and euro trading, causing market confusion.
  • Russia's central bank reports yuan is now the main currency, accounting for 54% of trades.
 

Indonesian Rupiah Set for Longest Rally in Eight Years as Prabowo Sought to Allay Debt Fears​

  • Rupiah has rallied for eight days amid weaker greenback
  • Rally may not last as fears of Indonesia’s finances linger


The rupiah rose as much as 0.4% to 16,135 per dollar on Friday.

The rupiah rose as much as 0.4% to 16,135 per dollar on Friday.
Photographer: Dimas Ardian/Bloomberg
By Matthew Burgess
July 12, 2024 at 2:12 PM GMT+8
Save

Indonesia’s moves to ease concern over the nation’s fiscal outlook and growing bets for more Federal Reserve interest-rate cuts sent the rupiah on its best rally in almost eight years.
The rupiah rose as much as 0.4% to 16,135 per dollar on Friday, set for an eighth day of gains, which would be the longest rally since September 2016.
Have a confidential tip for our reporters
 
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Markets

Yen Slips as Impact of Rate Checks, Suspected Intervention Fade​

  • Japanese currency remains weak despite efforts to prop it up
  • Investors debate the implication for July 31 policy decision

By Issei Hazama, Masaki Kondo, and David Finnerty
July 12, 2024 at 1:28 PM GMT+8
Updated on
July 12, 2024 at 5:35 PM GMT+8
Save

The yen slipped in choppy trading on Friday as the positive impact of suspected intervention and rate checks by Japanese authorities began to fade.

The currency was down 0.2% to around 159.18 per dollar at 6:30 p.m. in Tokyo, having lost about a third of the four-yen surge it saw Thursday.

The Bank of Japan triggered a brief rally Friday morning when it called traders to check on exchange rates, but those gains evaporated within an hour. The central bank’s accounts suggest it spent about ¥3.5 trillion ($22 billion) in the currency market.

Have a confidential tip for our reporters?
 

Malaysian Ringgit Climbs to Highest Since January on Rate Bets​



The ringgit rose as much as 0.5% to 4.6630 per dollar on Friday.

The ringgit rose as much as 0.5% to 4.6630 per dollar on Friday.
Photographer: Samsul Said/Bloomberg
By Matthew Burgess and Khushi Malhotra
July 12, 2024 at 12:23 PM GMT+8
Save

Malaysia’s ringgit is set to notch its longest streak of gains in more than 17 months as traders bet the nation’s interest-rate gap with the US will narrow.

The ringgit rose as much as 0.5% to 4.6630 per dollar on Friday, set for a seventh day of gains, which would be its longest winning streak since January 2023. It is now at the highest since January
 

US dollar sinks as inflation cools. USD/JPY plunges​

  • USD/JPY longs clear out
Adam Button
Adam Button
11/07/2024 | 12:45 GMT-0
USDJPY 10 mins
USD/JPY is plunging after the softer US CPI numbers. This could be a squeeze on the very-crowded long trade.

The dollar is broadly weaker but in the 50-100 pips range on most pairs, however this move is now nearly 300 pips. That either speaks to a real squeeze and possibly intervention.
 

Singapore’s USD millionaires to grow by over 10% in the next five years: UBS​

Ashley Lo and Khairani Afifi Noordin
Wed, 10 July 2024 at 9:09 am SGT·4-min read
45c1f5804e4d7602fc601a25ea82a43f

The number of US dollar millionaires in Singapore stands at 333,204 as of 2023, expected to expand to 375,725 by 2028.
The number of US dollar millionaires in Singapore is expected to grow by slightly over 10% in the next five years — equivalent to an increase of about 42,000 people — according to the findings of UBS Global Wealth Report 2024.
 
In 2023, the number of US dollar millionaires in Singapore stood at 333,204. In 2028, this figure is expected to expand to 375,725.

Globally, Taiwan is set to have the highest expected growth rate in US dollar millionaires, growing by almost half (47%) to 788,799 individuals in 2028. Paul Donovan, chief economist at UBS Global Wealth attributes this to the wealth outflow from China into locations such as Taiwan and Singapore.

“We're all very familiar with the stories about the number of family offices set up in Singapore — Taiwan has also been a beneficiary of this,” he says, adding that Singapore and Taiwan benefit from not only having natural indigenous wealth growth, but also in attracting international capital.

In its fifteenth edition, the global wealth report, which provides insights into household wealth on a worldwide scale, found strong growth in Singapore’s average wealth since 2008. This is in contrast with stagnation of median wealth levels.


Average wealth per adult in Singapore grew by 3.8% in 2023. However, this shrinks to less than 2% when measured in local currency.

Since the 2008 global financial crisis, however, Singapore’s average wealth per adult has more than doubled, rising by over 116% in local currency.

To this end, Singapore lands itself in eighth position on the list for average wealth per adult globally, which is topped by Switzerland, followed by Luxembourg, Hong Kong and the US.

Median wealth per adult in Singapore, on the other hand, has fallen slightly over the same period. This reflects a divergence experienced by higher and lower wealth brackets, with most of the rise in wealth benefitting the upper income brackets.

In Singapore, financial assets make up roughly two-thirds of gross wealth per adult, which is slightly above the average for the Asia Pacific region. Share of debt is currently below 14%, roughly in line with the regional average despite being a bit higher than in Hong Kong.
 
Why ish it like that sinki hardlanders think Jiuhu Ringgit N Vietnam Dong ish best in the world?
 
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