The first half of 2025 was the worst for the dollar since the end of the Bretton Woods system

Central banks saw no threat to the dollar's dominance. What will happen to its exchange rate in the future?

The euro <a href="https://www.bloomberg.com/news/articles/2025-07-01/ecb-s-guindos-says-euro-gain-beyond-1-20-would-be-complicated?srnd=homepage-europe">rose</a> nearly 14% against the dollar this year, largely due to the policies of President Donald Trump's administration. The U.S. president's actions have caused investors to question the irreplaceability and steadfastness of the U.S. currency. Sergey Romanchuk, a financier and member of ACI's Foreign Exchange Committee, discusses whether the euro will be able to displace the dollar on the pedestal of reserve currency No. 1.

A historic moment for the euro: can it displace the dollar?

ING currency strategist calls US currency a "scapegoat for Trump's unpredictable policies"

The dollar posted its biggest drop in the first half of the year since 1973. What's weighing on it?

JPMorgan Chase & Co.

Morgan Stanley

The current year has changed the priorities of investors on Wall Street - from the dollar to the euro, from U.S. equities to eurozone and emerging market securities

Currencies, stocks, debt securities: what traders lost and what they won in 2025

ING, the Netherlands' largest bank, has warned of the risks of a euro slowdown and urged clients to be cautious

The dollar has fallen to its lowest level in 3.5 years. How are currency traders reacting?


In recent months, the financial media has been full of news that the dollar's position as the world's main reserve currency has been shaken. "Gold is a real competitor to the dollar's reserve status," so&nbsp;<a href="https://www.wsj.com/livecoverage/stock-market-cpi-inflation-tariffs-06-11-2025/card/gold-is-the-real-rival-to-the-dollar-s-reserve-status-DjXrlZjec5JQY0apDqkh?mod=lctimeline_finance">wrote</a> The&nbsp;Wall Street Journal, for example. "In Argentina, investors are increasingly turning to gold as an alternative to the dollar," <a href="https://www.bloomberg.com/news/articles/2025-06-11/dollar-obsessed-argentines-have-a-newfound-love-for-buying-gold">Bloomberg</a> wrote. "The dollar's crown is slipping, and fast," is the headline of the&nbsp;<a href="https://www.reuters.com/world/europe/dollars-crown-is-slipping-fast-2025-06-12/">Reuters</a> publication.

Is the dollar really losing its status as the world's main reserve currency?

Coinbase Global, Inc.

Meta Platforms, Inc.

NVIDIA Corporation

President Donald Trump is seeking a nominee to head the Federal Reserve, increasing pressure on Jerome Powell. Shares of chipmakers in Japan, South Korea and Taiwan rose sharply following Nvidia's new all-time high and growing optimism around AI despite U.S. trade restrictions. Coinbase shares jumped to a one-year high after Bernstein analysts dubbed it the "Amazon of crypto services." And U.S. authorities are discussing with stock exchanges a possible easing of regulatory requirements for public companies, which could open the way for new IPOs. About these and other topics - in our review of key events for the morning of June 26.

The world's central banks are considering moving away from the US dollar. What are they choosing?

The dollar-yen pair works as a defense against escalating geopolitical tensions in the Middle East, says Bank of America

Escalation defense: How currencies are reacting to the Iranian crisis

Chevron Corporation

Shell plc

Exxon Mobil Corporation

The price of oil rose sharply after the Iranian parliament threatened to close the Strait of Hormuz, the world's main oil artery, in response to U.S. strikes on the country's nuclear facilities. U.S. index futures fell. Most analysts agree that Tehran is unlikely to move to block oil exports and assume that the response will be moderate and will not lead to further escalation. Nevertheless, there are already calculations for other scenarios.

Oil prices jump after Iran strikes, U.S. index futures decline

BP p.l.c.

The U.S. joining the Israeli strikes on Iran is a sharp but so far controllable spike in geopolitical risk. The main question is whether there will be an Iranian response. According to Middle Eastern logic, it is inevitable - it is a matter of prestige and pressure from within, argues Astero Falcon portfolio manager Alyona Nikolaeva. What scenarios are possible, who will benefit from the escalation of the conflict and what to expect investors after the start of trading - in this material.

"A phase of nervous anticipation": three scenarios for Iran and who stands to gain from escalation

Bank of America Corporation

The dollar has fallen more than 7% against major currencies and hit its lowest since 2022: undermining confidence in U.S. assets

Dollar