JP Morgan CEO warns on dollar outlook
Jimmy Dimon, CEO of JPMorgan Chase, warned that the U.S. dollar could lose its status as the global reserve currency if the United States fails to maintain its economic and military dominance, which could have wide-ranging repercussions on global markets. As the dollar traded near its two-month low against major currencies, he pointed out that the dollar’s continued dominance largely depends on the United States’ ability to sustain its strength, warning that a decline in dominance could lead to fundamental changes in the financial system and increase market uncertainty. American economic data also showed that the labor market is slowing down, reducing the likelihood of interest rate hikes and causing U.S. Treasury bond yields to fall. These warnings come amid growing demand for gold as a safe haven, amid concerns about the future of the dollar in light of shifting global economic power balances.
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