U.S. Dollar Set for First Yearly Loss Since 2020 as Countries Diversify Reserves
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The U.S. dollar is set to end 2023 with its first yearly loss since 2020 thanks to the Federal Reserve's dovish pivot, triggering predictions of a Biden bailout.
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Iran and Russia have signed a deal to trade in their local currencies instead of the U.S dollar, with one economist warning the "demise of the U.S. hegemony is really upon us."
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Countries are diversifying away from the U.S. dollar into gold, oil, strategic resources, and local currencies, reducing reliance on the dollar.
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China's share of international payments hit a record high in November 2023, making the yuan the 4th most used currency.
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The Fed is under pressure to cut interest rates due to its soaring interest bill, risking inflation and helping gold and bitcoin prices rally.