The dollar is as strong as ever. Isn’t it?

The most important currency in the world is on a roll. The dollar has climbed by around 20% over the past year against a basket of global currencies, and is at its highest level in 20 years. One euro is worth less than a dollar, and other pretenders to the dollar’s throne as the world’s reserve currency, such as the yen, yuan or even crypto, have slumped. Even as America has used its financial clout to squeeze Russia, others have rushed to the dollar-based financial system as a safe haven. This cyclical strength of the dollar dominates the global financial landscape. But look closer and technological shifts that could eventually challenge it are gathering momentum.