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Russian Wealth Fund to Slash US Dollar Holdings to Zero - Reinvest in EUR, Gold, and Yuan

Russian Wealth Fund to Slash US Dollar Holdings to Zero - Reinvest in EUR, Gold, and Yuan

Nick Cawley, Strategist

Breaking News:

  • Russian to sell all US dollar holdings – Finance Minister
  • Expects to increase holdings of Chinese Yuan, Euro, and gold.

Russia’s Finance Minister said today that the country’s wealth fund will slash its US dollar holdings to zero, in the latest move by Russia to reduce the country’s exposure to the greenback. News headlines said that the fund will instead invest more in the Chinese Yuan, the Euro, and gold.

Russian Wealth Fund to Slash US Dollar Holdings to Zero - Reinvest in EUR, Gold, and YuanRussian Wealth Fund to Slash US Dollar Holdings to Zero - Reinvest in EUR, Gold, and Yuan

Russia has been selling US dollar holdings over the last year or more as the country tries to break away from dependence on the USD, while increasing its holdings in other major currencies and gold. The markets are taking a fairly sanguine view of the news, so far, with the US dollar basket (DXY) a fraction lower on the release, while EUR/USD and GBP/USD have picked up a very small bid. Gold is flat and remains below stubborn resistance at $1,900/oz.

What is your view on the US Dollar – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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