The weak dollar: Why it won't be replaced as global reserve currency

For international investors in general, currency risk - above all the weakening of the US dollar - has become the most important financial risk of the year

Stock markets have been very strange this year. We witnessed the fastest sell-off in history between February and March, with the S&P 500 falling more than 30%, only to enjoy the best recovery ever, reaching an all-time high on August 21.

Institutional investors and especially pension funds have gone from panicking to completely reconsidering their long-term asset allocations. What we thought would be the biggest stock market crash in history has led to a fundamental reconsideration of the key risks around financial investments.

For international investors in general, currency risk – above