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Since 1990, the US dollar has dominated international trade approximately 90% of interantional deals being dollar-denominated. This is esepcailly true in the commodities markets where the oil market in particular is almost completely executed in "petro-dollars". In addition to this about 62% of reserves held by the central banks of the world are in US dollars. Following the Ukriane war in 2022, there was a move towards establishing an alternative to the US dollar, especially among the BRICS nations. One reason for this was the growing US national deficit which was approaching $33 trillion in July 2023. In our view, the establishment of an alternative to the US dollar in the short term is unlikely.