Euro Wins in Global Payments

Euro Wins in Global Payments The Euro wins in global payments. The Euro hit the record as the most used currency for global payments last month. The Euro surpassed the US Dollar as the most used currency in global payments last month. In February 2013, Euro was able to exceed the US Dollar in payments. According to the data shared by the Interbank Global Financial Communication Association, the Euro ranked first in payments, while the US Dollar ranked second and the Pound was third. Commercial tension, stagnation caused by the coronavirus epidemic, and political discord have put a lot of pressure on the US Dollar's share in international payments. The US currency fell more than 11 percent after hitting the highest level in March, and analysts expect the US Dollar to lose more. US Dollar remains the main funding unit, accounting for half of cross-border loans and liabilities, according to a July report released by the Bank of International Settlements. Usage share of the US dollar fell 4.6 points to 37.64 percent from December to last month.