The euro opens against the USD at 1.1701 (6:15 a.m.) today after hitting the lowest in the last 24 hours at 1.1580 in European business. The USD stands at 105.62 against the JPY. As a result, EUR-JPY is trading at 123.60. EUR-CHF oscillates at 1.0739.
The US dollar is losing ground
Actually, it was and is only astonishing how long it took, because the USD interest rate advantage has largely been reduced for months. The US budgetary situation has been precarious for years. As of July 23, 2020, US public debt is currently US $ 3,337 billion in the 2020 calendar year. The restriction of the use of the world’s leading currency for third countries on the basis of arbitrariness in the United States has not only been there recently (“Finally plain text” 2007). Disregard for the international regulations does not increase the attractiveness of the hegemon nor the leading currency of the hegemon!
Movement in the structure
Well, there is movement in the evaluation structure. The devaluation of the USD against major currencies such as the euro is manageable. The significant revaluation reaches us from a different environment. We are talking about precious metals. These are in fact asset classes outside of the western financial system. They are causally correlated with nothing from our financial system. This makes them a functional alternative. This also applies to less developed financial classification in China and Russia.