Expect 'one last hurrah' for the dollar before a 2023 recession chips away at its dominance, Wells Fargo says

Dec 19 2022 by Business Insider

 
The dollar's dominance will wane next year once the US economy slips into a recession, according to Wells Fargo.

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The dollar's dominance will wane next year once the US economy slips into a recession, Wells Fargo said. It will mount one last charge in Q1 before weaker growth prospects mark a turning point, it said. The dollar has stormed higher in 2022, but slipped recently on hopes the Fed will ease up on rate hikes.

The dollar's global dominance of other currencies...

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