JPMorgan's Marko Kolanovic says dollar hegemony is now at risk


By Cecile Gutscher
Bloomberg News
Thursday, September 27, 2018

A backlash against the world's reserve currency may be brewing as rivals to America look to weaken the dollar's hold over the global financial system, says Marko Kolanovic, macro-market wiz at JPMorgan Chase & Co.

President Donald Trump's isolationist foreign policy is a "catalyst for long-term de-dollarization" among countries from Europe and Asia to the Middle East that have long lamented the hegemony of the U.S. currency, he wrote in a note co-authored with Bram Kaplan.

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"With the current U.S. administration policies of unilateralism, trade wars, and sanctions increasingly affecting both friends and foes, the question arises whether the rest of the world should diversify away from the risks of the U.S. dollar and dollar-centric finance," said the quantitative and derivatives strategists. ...

Gold, which tends to benefit from a weaker greenback, also offers a hedge for any tentative push to de-dollarize. And it's looking decidedly cheap right now, according to JPMorgan. ...

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