Skip to content

Dollar Steals Global Payment Flows From Euro Amid Market Turmoil

  • Ukraine war, inflation and slowing economy weigh on euro usage
  • US dollar gained market share for three months straight: SWIFT

The use of the euro as a global payment currency dwindled last month, reaching the smallest share in more than two years, as the common currency comes under pressure amid a strengthening US dollar. 

Payments using the euro dropped to 34.5% of the market in August, a full percentage-point lower from the previous month, according to data from the Society for Worldwide Interbank Financial Telecommunications, or SWIFT, a global financial messaging firm. Meanwhile, the dollar has been gaining share since May and remained in the top spot for the fifteenth consecutive month with a 42.6% share, the report released Wednesday showed.