That chart is... bad. I'm not sure if there's a legitimate reason to represent the data as "percent change from Q2 2004" or if it was done intentionally to make the comparison to other currencies look worse. I don't have access to look at the data in more detail because the only way to view the full report[0] is to email Eurizon SLJ Capital.
I pulled the data from the IMF for a better chart that shows how the currencies actually relate to each other [1]. Yes, there's been a substantial decline in the use of the dollar, but that's not because some other currency is shooting up to take its place. It looks like countries are diversifying their portfolios, not fleeing the dollar for another currency.
I pulled the data from the IMF for a better chart that shows how the currencies actually relate to each other [1]. Yes, there's been a substantial decline in the use of the dollar, but that's not because some other currency is shooting up to take its place. It looks like countries are diversifying their portfolios, not fleeing the dollar for another currency.
[0] https://www.eurizonsljcapital.com/dollar-smile/rapid-erosion...
[1] It's a bit slow to load, but here's the link: https://data.imf.org/?sk=c22e624f-ce09-4c9e-a70b-647defa5215...