The dollar's weakening grip on commodity pricing

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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

Tables and charts

This report includes 5 images and tables including:

  • Energy and metals export value and share of global trade
  • Major foreign holders of US treasury securities (July 2019)
  • Daily turnover of foreign exchange instruments
  • China and Europe trade value of net imports
  • Official foreign exchange reserves

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    The dollar's weakening grip on commodity pricing

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