The American dollar has been soaring this year relative to most currencies in the world. That's providing a lot of benefits to Americans — but it's also creating a lot of pain. The U.S. dollar conquered the world. Is it at risk of losing its top spot? Economy The U.S. dollar conquered the world. Is it at risk of losing its top spot?

The strong dollar brings a number of advantages. It reinforces America’s economic dominance and it helps reduce inflation by making imports cheaper.

But a rising dollar doesn’t lift all boats. Some exporters have been hit as the stronger domestic currency makes them less competitive in overseas markets, while also creating economic headaches around the world.