Russian ruble only major currency outperforming USD

That’s quite a head-scratcher given that six months ago all the talk was about how we were crushing Russia’s economy with sanctions from hell. Back in March, a Russian had to fork over 140 rubles to buy one US dollar. Today he can buy that USD for a mere 58 rubles. Meanwhile, if you follow currency markets you’ll know that the USD is rising fast against all major Western currencies, including the CAD, simply because in volatile times cash seeks a safe haven. Obviously, a lot of folks are operating on muscle memory if they still seriously see the USD as a safe haven. Reality has changed, but trading habits haven’t. Yet. But they will. America’s economic dominance was always backed up by military dominance. The “military dominance” theory took a sever beating in Aghanistan, and Ukraine isn’t looking that great. In the real world, both America’s economic and military dominance are coming to an end. The share of global trade done outside the USD is growing exponentially. Buy rubles!