The US dollar continues to drop and lose value against other major currencies. While the dollar has been considered the world's reserve currency for decades, growing concern rises as to whether the US dollar will be able to maintain that status. Pressure from both record gold and oil prices further depresses the value of the dollar.
Last week, vice chairman of China's National People's Congress, Cheng Siwei, suggested that China might diversify away from the dollar favoring "stronger currencies over weaker ones" through their foreign exchange reserve policies. This coupled with rising energy and commodities prices increases the likelihood of possibly the dollar loosing ground on the world stage.
However, the dollar has faced challenges before. The US dollar like its people is quite resilient. Forex traders have been aware of the trends with the US dollar for quite some time looking for profit opportunity on the upside as well as the downside. Global economic events surrounding the dollar should not go unnoticed for those involved in forex trading.
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