Dollar Use in Global Trade Rose to High Amid War, Swift Says

The ongoing conflict in the Middle East is solidifying the US dollar’s dominant role in global trade, according to one measure of activity in the interbank foreign-exchange markets.

The greenback’s portion of international transactions rose to a record 51.1% in March, up from 49.2% a month earlier, according to the latest data compiled by global financial messaging service Swift, or the Society for Worldwide Interbank Financial Telecommunication. That’s the highest share since 2023 when the Belgium-headquartered consortium revised how it collects the transaction data.