Monday, November 30, 2020
 
Columnist
Martin Hennecke

Euro outpaces US dollar in spending
 
20/11/2020
 
The euro was the most used currency for global payments last month. It was the first time it outpaced the dollar since February 2013, according to the Society for Worldwide Interbank Financial Telecommunications. About 37.82 percent of the Swift cash transfers were handled in euros last month - the largest portion since February 2013. This was an increase of more than 6 percentage points from the end of last year. The US dollar's usage fell about 4.6 percentage points from December to 37.64 percent of transactions last month. The dollar peaked at 45.3 percent in April 2015. The British, Japanese and Canadian currencies together held 12.25 percent of transactions in October. The yuan's share fell to 1.66 percent of transactions in its worse showing since April. Trade upheaval, a pandemic-induced recession and political disharmony renewed pressure to reduce the share of international payments in dollars. The US currency has weakened more than 11 percent from its March peak based on a Bloomberg index that measures it against a basket of major peers. Many observers are predicting its valuation to drop further.

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