Insight
The dollar's weakening grip on commodity pricing
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The US dollar dominates pricing and payments of energy and metals. But this could be about to change. Geopolitical and economic motivations for dropping the dollar are robust. And energy deals priced in alternative currencies are becoming more prevalent. We expect China, Russia and Europe to lead the push to de-dollarise commodity markets. Energy transition and derivatives trading can impact the dollar's role in commodities. But, what will move the needle in switching away from the dollar and how long might it take? Furthermore, what are the macroeconomic implications of commodity de-dollarisation?
Table of contents
- Executive summary
- US dollar domination
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Ditching the dollar?
- China’s renminbi ambitions
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What currencies could replace the dollar?
- Established currencies or digital disruptors?
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How deep could de-dollarisation in energy and metals go?
- Oil’s diminishing role
- What are the macroeconomic implications?
Tables and charts
This report includes the following images and tables:
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Energy and metals export value and share of global tradeMajor foreign holders of US treasury securities (July 2019)Daily turnover of foreign exchange instrumentsChina and Europe trade value of net importsOfficial foreign exchange reserves
What's included
This report contains:
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