BRICS: Analyst Warns of a Major U.S. Dollar Crash
The U.S. dollar fell to a dangerous low this week as the DXY index showed the currency plummeting to 100.70. Leading local currencies have performed fairly well against the USD this month taking the top spot in the forex markets. The Indian rupee, Chinese yuan, and the Japanese yen have briefly surged against the USD this week. This comes at a time when BRICS is looking to topple the U.S. dollar as the world’s reserve and replace it with local currencies. Also Read: BRICS: Russia To Officially Use Cryptocurrency For Trade Settlements Read here to know how many sectors in the U.S. will be affected if BRICS ditches the dollar for trade. Leading U.S. analyst Peter Schiff has warned that the dollar could fall below the 90 mark in the DXY charts igniting an economic crisis. He explained that the USD could “easily” dip below 90 points following a major crash in the stock markets. Also Read: BRICS: Payments in Chinese Yuan Surpasses the US Dollar by 2.5% BRICS: U.S. Dollar ...