The global currency shift: A changing investment landscape presents compelling opportunities

The US dollar has dominated financial markets in the post-war period, but countries across the globe are increasingly taking steps to reduce dollar use in trade and finance. While the global currency shift is likely to be gradual, the emergence of a multipolar monetary order will have a profound impact on markets and portfolios. After seven years of a dollar up cycle and a de-rating in emerging market assets, the opportunities unfolding could be structural rather than purely cyclical. Now is the time to reassess the case for emerging markets – not only as an allocation with the potential to deliver attractive risk-adjusted returns over the medium term, but also as a long-term structural holding within a broader portfolio.

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