Bloomberg Surveillance · Thursday, July 23, 2026
Darren May explains that the concept of de-dollarization has been weakened by geopolitical events, as investors sought the safety of dollars. Additionally, increased confidence in the Federal Reserve's independence under current leadership has further bolstered the dollar's position.
“So, I mean, to be fair, we did a pivot. You know, we came into this year. I would say we were modus dollar bears and now were modest dollar bill so we're lowercase both sides of the equation. I think, you know, the US around war did one thing. It knocked on the head the idea of de dollarization as a theme, right, because everyone scrambled for their shiny dollars when geopolitical risk was escalating, at least initially.”
“I think a second element that's changed is I think the market's more confident about the independence of the FED. And this was a narrative in twenty five, right, President Trump Bashingham. But I think you know the perception that would be the fedst firm under pale and washes come in and if you like, not set anything dumb. So that's a win as well for the market.”