The US Dollar continues to lose market share: The US Dollar now represents ~46% of global FX and gold reserves, the lowest in at least 26 years. This percentage has declined -15 points since 2017. Excluding gold, the US Dollar makes up 57% of global reserve currencies, the lowest since 1994, according to IMF data. This comes as central banks have aggressively accumulated gold and diversified into other currencies. The last time the US Dollar fell below 50% of global reserves was in 1990-1991, a period marked by elevated inflation, a recession, and a crisis of confidence in the US economy.