Despite the strength of the economy and the rise in long-term rates across the Atlantic, the dollar paled, down nearly 9% over one year against the euro. The fall in the greenback could penalize partners United States trade. The explosion of American “twin deficits” since the health crisis would be the cause. If the yuan is strong, it is also because the greenback is weakening. The Chinese authorities have just announced an increase in the foreign exchange reserve ratio imposed on banks. The yuan is at a three-year high (against the dollar), driven by a strong economic recovery and an inflow of capital linked to investors' appetite for Chinese government bonds.

The effective dollar exchange rate, which is weighted by the weight of the main trading partners, fell by more than 5% in one year. Against the euro, the American currency is close to its lowest levels since the spring of 2018. It has depreciated by almost 4% since the beginning of April and by more than 8% in one year.