The Fed’s slowdown in the rate hike campaign coupled with a global pushback on the dollar is dragging the currency lower.

The euro is gaining points against a weaker dollar as the EUR/USD pair this morning pierced the $1.10 barrier for yet another time. The US dollar bearish camp is getting more and more crowded, and it shows – the greenback is down more than 10% against a basket of rivals since its November peak.

Is the dollar losing its luster? A few significant global players seem to think so. Central banks are coordinating their efforts to pile gold as a response to the US weaponizing its currency. Large economies like Brazil, China, India, and Russia are calling to shed dollar dependence and trade in their own currencies.

Right now, there is no alternative to the dollar as the world’s dominant currency. That doesn’t stop global dignitaries from racing in search of a replacement. For now, all we can do is keep an eye on US policymaking for clues on where the world’s biggest economy is going next.