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Euro gains in global use, but dollar still dominates
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Euro gains in global use, but US dollar still the boss
The European Central Bank says the euro has gained ground on the dollar as a global currency used for government reserves, rebounding from historic lows as U.S. sanctions deter some countries' use of the U.S. currency. The ECB said Thursday the euro's share of reserves rose 1.2 percentage points during 2018 to 20.7%, reversing a declining trend. Factors include countries selling dollars to support their own currency, and U.S. financial sanctions such as those against Russia, which has moved some holdings to other currencies to avoid U.S restrictions.
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Euro gains in global use, but dollar still dominates
The euro has gained ground on the dollar as a global currency used for government reserves as U.S. sanctions deter some countries' use of the U.S. currency. The dollar, however, is still very much the dominant currency for international trade, borrowing and reserves. The dollar's share was down slightly at 61.7%.
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