The US dollar - Forex king dethroned?
Looking at the development of the dollar index, it is clear that the downward trend has been prevailing on the chart since the end of September. Even so, the index is still at long-term above-average levels, so the dollar could still weaken slightly this year unless a black swan intervenes in the market. Of course, the strength of the US dollar will also depend on the Fed's actions. The Fed is expected to raise interest rates at least twice more - the market expects two 25 basis point hikes. If the Fed meets expectations, even higher interest rates may not make the dollar more attractive - it is already virtually priced in by the market. The surprise would come if the Fed raises rates by 50 basis points at the next meeting, then the dollar could strengthen more significantly, across currency pairs.
By the end of the year, then, the market expects one or two interest rate cuts in the US, which is absolutely inconsistent with the speeches of Fed officials. They do not foresee any cuts this year. However, we still expect the dollar to continue to weaken this year, perhaps toward the levels of last February. In the long term, there is talk that the US dollar is set to lose its privileged position and also its 'petrodollar' designation - the currency in which most of the world's oil is traded. However, if the dollar were to lose its privileged position in the oil market, it would certainly not be immediately. While Saudi Arabia and China have already introduced the petroyuan, we cannot expect the introduction of the 'petroeuro' in Europe, for example, and let’s not forget that the US is still by far the largest oil producer.

Dollar index DXY on D1 chart in MT4 platform