Forex Analysis News Today

The greenback's struggles could drag on into 2024 amid signs that the central bank is set to wind down its tightening campaign.

China's holdings of US bonds have hit a 14-year low - but that doesn't necessarily mean Beijing is deliberately shifting away from dollar assets, according to Lloyds Banking Group strategists.

On Argentina's forex black market, the dollar recently topped 1,000 pesos for the first time. The unofficial exchange rate is up almost 60,000% since 2002.

Moscow is trying to prop up the slumping ruble, which has shed around a quarter of its value this year as the war in Ukraine rages on.

Moscow has been stoking the de-dollarization movement by refusing to settle contracts using so-called "toxic currencies".

Traders' belief that the central bank will have to hold rates at a higher level for longer has powered the buck to 10 straight weeks of gains.

The onshore yuan languishes around 7.32 per dollar, its weakest since 2007, even after the People's Bank of China intervened to curb the slump.

The buck is likely to remain the dominant currency in international trade, India's oil and gas minister Hardeep Singh Puri told CNBC.

The international drive to end the dollar's dominance has suffered a blow, with the greenback's role in global payments hitting a record high.

Argentina needs a recession - not dollarization - to fix its plunging currency, according to Robin Brooks, chief economist at the Institute of International Finance.