Have we hit peak dollar bearishness? | FT Alphaville

'On the second question — on whether the dollar will weaken further — who knows. As the old joke goes, God invented FX strategists to make economists seem accurate.'

"FT: About 54 per cent of all export invoices are still denominated in dollars. In finance the greenback’s reign is even more supreme. Roughly 60 per cent of all international loans and deposits are in dollars, and 70 per cent of international bond issuance. Turning to FX markets, 88 per cent of all transactions involve the dollar. Almost half of the more than $2tn worth of US bank notes in issue are held by foreigners. And despite a gradual decline dollar still accounts for almost 57 per cent of the world’s official foreign currency reserves (and much more of unofficial reserves)."