Despite the September ECB hike and warnings by President Lagarde that inflation is still much too high, the market has increasingly turned its focus to the economy, succumbing to the idea that the European economy may already have entered a recession. Nowhere better is that view being reflected in the euro, which has given up all the gains it made against the dollar from December 2022 to July 2023. Since mid-July, the common currency has lost nearly 8% against the dollar. According to data from SWIFT – the global messaging service for cash transactions – the use of the euro has collapsed in the past nine months. It’s share in transactions dropped from 38% in January to 23.2% at the end of August, which is the lowest level recorded in, at least, twelve years.
https://www.zerohedge.com/markets/global-use-euro-has-collapsed-past-nine-months