Key Takeaways from the JP Morgan Research:

• Despite a smaller share of global trade and output, the dollar still dominates in transactions like trade invoicing.

• Dedollarization is advancing in central bank reserves, with USD share at a two decade low.

• Foreign ownership of US Treasuries has declined for 15 years, signaling reduced external reliance on the dollar.

• The shift is most visible in commodities, where an increasing share of energy is priced in non USD contracts.