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The US dollar has been declining at a rapid rate in response to the current market woes and widening interest rate differentials with the rest of the world. The Euro has been on a major uptrend for the past few years and many countries are starting to see this currency as the preferred reserve currency. Despite the fact that the US dollar remains the current official reserve currency, this could become under threat in the months and years to come. Many shops in the US now actively take Euro foreign currency due to the proliferation of European shoppers who are enjoying the strength of the Euro for traveling and shopping expeditions.