from King World News
It now appears some countries and companies no longer want to be paid in US dollars.
June 17 (King World News) – Peter Boockvar: If there is an inflation stat that would most quickly reflect the price impact from tariffs it would be today’s import price data for May. But, also of importance is to see what the US dollar weakness is doing in terms making imports more expensive.
As the US dollar still can’t get out of its own way and is hovering around the weakest level since March 2022, a pretty interesting Bloomberg News article was out yesterday titled “Many Exporters No Longer Want Dollars, US Bank Executive says.” Now, the article is long on anecdotes with no hard figures but it still reflects what is possibly a game changing moment where foreigners re-access the extent to which they want to own the US dollar (on top of the rethink that is going on globally as to the level of US assets foreigners want to own after piling in over the last bunch of years).