Insights | Macro

RESERVE CURRENCY: HOW SECURE IS THE POSITION OF THE US DOLLAR?

May 2025

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The US dollar has been under pressure since Donald Trump escalated his tariff policy at the beginning of April. Will the US currency be able to maintain its dominant role as a transaction and reserve currency? Due to the tariff policy, high national debt and high fiscal deficits, the image of the US dollar has been damaged. However, it still has one major advantage: the lack of real alternatives.