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BRICS REALIZE THEY CANNOT CHALLENGE THE US DOLLAR
The US dollar started 2025 with a bang leaving local currencies of BRICS countries distantly behind in the charts. The DXY index, which tracks the performance of the US dollar shows the currency crossing the 110 mark.
The US markets are confident that Trump’s re-election could turn the fortunes of America and bring economic prosperity. The same positivity is lacking in developing countries as their local currencies are being hammered by the raging US dollar.
The BRICS alliance, which kick-started the de-dollarization agenda is now reeling under pressure from the US dollar. BRICS country India’s local currency, the rupee, has fallen to a lifetime low of 86.68 this week. The rupee fell four trading sessions in a row as the USD trampled the currency in the charts. Currency experts predict that the Indian rupee could fall to 90 to 92 levels in the next 10 months.
BRICS No Challenge to the US Dollar
The US dollar is strengthening in the indices with the massive inflow of funds entering the American markets. Institutional investors offloaded most of their overseas funds and are now taking entry positions in the US markets.
The belief that Trump’s rule could bring fortunes has reached a peak in 2025. The first instance of the market gaining steam occurred immediately after he was declared the winner in November. This puts BRICS on the back foot as it stands no chance to challenge the US dollar during Trump’s tenure.
Trump has already threatened BRICS with 100% tariffs if they plan to abandon the US dollar for trade. The alliance is now left with obeying his demands as a tariff increase will only hurt their economies.
The de-dollarization agenda could fail under his rule as the President-elect aims to safeguard the USD. Whether he will bring in laurels to the US stock market or cause a dent, only time will tell.
@ Newshounds News™
Source: Watcher Guru
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RAMASWAMY EXITS DOGE FOR OHIO GOVERNOR BID, LEAVING MUSK AS SOLE HEAD
Vivek Ramaswamy said on X he was leaving the Department of Government Efficiency and was “confident that Elon and the team will succeed in streamlining government.”
Entrepreneur and former presidential candidate Vivek Ramaswamy will no longer co-lead the Department of Government Efficiency (DOGE) alongside Elon Musk, and is reportedly opting to run for Ohio governor instead.
“It was my honor to help support the creation of DOGE,” Ramaswamy said in a Jan. 20 X post. “I’m confident that Elon and the team will succeed in streamlining government.”
Ramaswamy didn’t elaborate on his future plans, but CBS News and The New York Times were among the US media outlets reporting that the business leader and author would soon announce he is running run for governor of Ohio.
Ramaswamy said that he’d “have more to say very soon” while reaffirming his support for President Donald Trump.
“Vivek Ramaswamy played a critical role in helping us create DOGE. He intends to run for elected office soon, which requires him to remain outside of DOGE based on the structure that we announced today,” DOGE spokesperson Anna Kelly told the Associated Press.
Ohio Governor Mike DeWine’s second — and legally his last — term will end in January 2027.
On Jan. 18, Ramaswamy re-shared an X post from a parody account using this likeness that stated he was running for governor of Ohio, with the pro-crypto Republican commenting that it wasn’t “a bad idea.”
Politico reported that Musk made it known that he wanted Ramaswamy out of DOGE in recent days. A Republican strategist close to Trump’s advisers told Politico that Ramaswamy “just burned through the bridges and he finally burned Elon. Everyone wants him out of Mar-a-Lago, out of D.C.”
The move was driven in part by Ramaswamy’s criticism of American culture. In December, he made a post on X stating that tech companies hire foreign workers partly because of a mindset that has “venerated mediocrity over excellence.”
The now-solely Musk-led advisory organization, named after his favored cryptocurrency Dogecoin, was officially created through one of a slew of executive orders that Trump signed on his first day in office.
DOGE is already on the firing line as it was hit with lawsuits from consumer advocate group Public Citizen and other nonprofit groups minutes after Trump took office.
The lawsuits allege that DOGE violates the Federal Advisory Committee Act by allowing private individuals to make government decisions without proper transparency and oversight.
DOGE, which was announced by Trump soon after his electoral victory in November, is designed to slash federal spending through budget cuts and mass firings.
@ Newshounds News™
Source: CoinTelegraph
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