Saudi Arabia has terminated an 80-year petrodollar deal with the United States. Saudi’s oil sales were exclusively in US dollars, and this deal has recently been terminated on June 9th. Saudi Arabia will use other currencies instead such as the Euro and Russian ruble. The U.S. dollar is likely to get weaker, which is bullish for the markets. We’ve discussed the correlation between the U.S. dollar index (DXY) and commodities, crypto, and stocks.There is an inverse correlation between DXY and the markets. When the U.S. dollar index declines crypto, stocks, and commodities are likely to rise. We have seen other dedollarization trends such as the formation of BRICS as a currency alternative to the US dollar. Earlier this week the United States imposed sanctions against Russia. In retaliation, Russia responded by removing US dollars and the Euro from their Moscow Exchange. We are seeing a global fiat currency crisis slowly unfolding.

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