Pound Falters in Global Payments While Euro Hits Top Spot
- Sterling registered its lowest usage since at least 2010
- Yuan regains fifth position, but usage at lowest this year
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The pound’s popularity in cross-border payments tumbled to its lowest level in more than a decade as the U.K. navigates the post-Brexit landscape, while the euro edged out the dollar for the top spot last month.
Sterling’s market share has dropped for four straight months and in May registered the lowest usage since at least 2010, when the Society for Worldwide Interbank Financial Telecommunications started tracking the data. In contrast, the euro overtook the dollar for the first time since October as it commanded the highest market share since February 2013. The greenback saw its popularity slip to the lowest since January.