Week of 8 June 2026
The dollar's dominance is under scrutiny — gold has displaced it as the world's top reserve asset according to a new ECB report, while non-bank institutions now absorb more Treasury issuance than central banks, bringing higher rollover risk and systemic vulnerability. We ask whether the real threat to dollar hegemony is geopolitical rivalry or internal fragility, and why demographic reversal could trap central banks between inflation and financial stability. In European energy markets, negative electricity prices are becoming the norm as battery storage surges and grids adapt. And crypto's central paradox: Bitcoin is down 50% from its peak, yet stablecoins and digital-dollar infrastructure are quietly embedding themselves into mainstream finance.
