Economist: The dominance of the US dollar remains strong.

Economist Jeffrey Cleveland of Payden & Rygel stated in a report that concerns about the US dollar losing its dominant position seem exaggerated, as there is little evidence of de-dollarization. He said: "Foreign demand for US assets remains strong, including US treasuries, corporate bonds, and stocks." He stated that the movement of the dollar is largely driven by changes in interest rates and growth expectations, rather than foreign selling or a collapse in confidence. He said that as long as US productivity growth remains strong, the case for the US exceptionalism remains valid. The DXY dollar index remained steady at 99.285.