De-Dollarization Accelerates - China Ditches $25 BILLION a Month in MASSIVE Sell-Off

23rd September 2025

Here are some updates + examples of currencies that are rising (or have recently strengthened) versus the US dollar, and the reasons behind why.

Dollar Weakness: The Context.

First, a quick refresher on the U.S. dollar’s recent trend:

In the first half of 2025, the dollar fell about 11% against a basket of major currencies—the biggest drop in more than 50 years.

Analysts expect some further downward pressure as U.S. interest rate differentials narrow and global economic outlooks change.

So, with the dollar weakening, other currencies (especially those with good fundamentals or favourable macroeconomic conditions) are showing strength.

Currencies That Are Increasing in Value Against the USD

Here are some currencies that have been notably strong or showing upward trends relative to the US dollar:

Currency Approximate Strength / Gain vs USD - Key Drivers
Swedish krona (SEK) Up 8-9% in early/mid-2025 vs dollar.
Improved economic prospects in Sweden, positive performance in European markets, optimism over regional stability.

Norwegian krone (NOK) Up almost ~10-12% vs USD since start of 2025 according to some reports.
Strong commodity (especially oil/gas) exports, relatively tighter monetary policy, and the dollar’s weakness.

Euro (EUR), Swiss franc (CHF), Japanese yen (JPY) All have also strengthened around ~10% (depending on the specific period and basket) versus the dollar.
Various “safe haven” demand, expectations of lower U.S. rates, comparative stability or favorable interest/rate outlooks in their regions.

British Pound (GBP) Up 8-9% vs USD this year in many reports.
Mixed UK macro data but enough investor confidence, interest rate expectations, and the dollar’s pressure helping.

Thai baht (THB) Up 8% in 2025 vs U.S. dollar.
Stronger trade surplus, stability in government policy, capital inflows, and the weaker dollar helping.

Why These Currencies Are Strengthening

Several common factors explain why these currencies are rising while the dollar falls:

Interest Rate Expectations
If the U.S. is expected to lower interest rates (or at least not raise them aggressively), the yield advantage of holding USD falls. That makes other currencies more attractive.

Strong Exports / Commodity Prices
Countries that export commodities (oil, metals etc.) tend to benefit when global demand and prices are good. For example, Norway’s krone gains from its energy exports.

Macroeconomic Stability
Stable inflation, manageable debt, credible central bank policy, trade balances, political stability — all contribute. Investors prefer currencies from “safer” or more stable economies.

Capital Flows / Investment Sentiment
When the dollar weakens, investors often shift funds into other currencies & equities. Also, “safe haven” assets or currencies (CHF, JPY, Euro) often benefit in times of uncertainty.
Reuters

Trade Balances / Surpluses
Countries running trade surpluses tend to have upward pressure on their currencies (because foreign buyers need the local currency to buy exports).