Subscribe to receive these charts every morning!

1. Is the decline and fall of the US dollar just a one-time flash in the pan?

The decline of the dollar has been truly a secular development, one which started over a decade ago but was kicked into higher gear in the aftermath of the 2022 Ukraine war when the weaponization of the US Dollar sparked a flight away from the greenback - i.e., dedollarization - by any regime that was worried it may be on the receiving end of SWIFT sanctions.

But what is perhaps far more notable is that as Socgen shows, since 2024, dedollarization has not benefited any of the major reserve currencies as one would expect in a fiat world where one currency's loss is another currency's gain. Instead, the share of gold in the IMF's classification has increased.

Since 3Q23, the share of USD FX reserves has fallen below 50%, representing a decline of -5.8%. The main beneficiary has been gold, which increased by +7.9% to 23.3%, reflecting how central banks are diversifying their dollar holdings...

2. US household allocation to equities sits at ~49%.

3. “Smart money” (hedge funds) are buying Utility stocks.

4. AI search is becoming significantly more popular than traditional search.

However, Google is still a gorilla.

5. Risk/Reward.

Not a subscriber yet?