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The US dollar is down but not out and fears of the greenback’s collapse could be greatly exaggerated, according to Danielle Lacalle, Daniel Lacalle, Chief Economist and Investment Officer at Tressis Gestión, a Madrid-based asset management company.

While the dollar index, which tracks the value of the greenback against majors, is down nearly 5% on a year-to-date basis, the greenback has appreciated against 96 out of 146 currencies in the Bloomberg universe. As such, it may be too early to predict the demise of the dollar as the global reserve currency. 

Analysts at Goldman Sachs said earlier this year that gold may replace the US dollar as the reserve currency. The yellow metal has risen by over 25% this year with government bonds offering negative real or inflation-adjusted yields. 


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