Global finance is entering a transformative phase as the U.S. dollar’s supremacy unravels, opening explosive opportunities for emerging currencies and signaling a seismic portfolio realignment.
Devere CEO Warns: The US Dollar’s Era of Unquestioned Power Is Slipping Away
Financial advisory firm Devere Group CEO Nigel Green cautioned on May 5 that global investors are dangerously underestimating the scale of the U.S. dollar’s ongoing decline and its implications for global finance. Speaking after the dollar registered its weakest start to a year since 2008, falling more than 4% on the Dollar Index (DXY), Green asserted that the downturn marks the early stages of a larger structural shift, not a temporary dip. Market expectations of multiple U.S. interest rate cuts, coupled with renewed trade protectionism and growing global political instability, are accelerating the currency’s retreat.
“Dollar supremacy isn’t vanishing overnight, but its era of unquestioned dominance is fading. This carries enormous consequences for global portfolios, pricing, and capital allocation,” Green opined. Emphasizing that this trend is not an abrupt crash but a drawn-out weakening, he explained:
This decline is not a crash—it’s erosion.
Green highlighted that the U.S. dollar now accounts for under 59% of global reserves, a sharp decline from over 70% at the beginning of the century. “The euro is repositioning itself not just as a regional anchor, but as a serious global stabiliser,” he asserted. “That doesn’t mean it will replace the dollar, instead it’ll be part of a broader mosaic of major currencies taking on more influence.”
The executive also pointed to rising prominence of Asian currencies like the Chinese yuan, fueled by bilateral trade agreements that bypass the U.S. dollar and regional economic resilience. “We don’t think any single currency is about to take the dollar’s place,” Green said. “Instead, we expect a more fragmented system—one where influence is shared across a handful of credible currencies. This evolution is gradual, but it’s no less profound.”
He further noted that monetary policy shifts are exacerbating the dollar’s vulnerability: “This shrinking rate gap makes U.S. debt less attractive. And when demand for Treasuries softens, so does demand for dollars.” Green warned that investors are clinging to outdated assumptions:
Investors must stop assuming the dollar will always rebound. That thinking is dangerously outdated. The shift to dominant currency plurality is underway. Those clinging to the old model risk being blindsided.
“Dollar dominance isn’t over—but it’s being critically diluted. Those who act early will be best placed to capitalize on the next phase of global finance,” he concluded.