Central banks are increasingly favouring the yen and the euro over the dollar, putting further pressure on the global reserve currency, analysts report.Speaking to Bloomberg, Steve Englander, a former Federal Reserve researcher who is now the chief US currency strategist at Barclays in New York, commented: "Global central banks are getting more serious about diversification, whereas in the past they used to just talk about it. It looks like they are really backing away from the dollar."The dollar has suffered its worst two-quarter rout in nearly two decades, with the yen emerging as the safe-haven currency of choice in recent weeks.Mr Englander predicted that this diversification will continue over the next couple of months, with the dollar's 37 per cent share of new reserves set to tumble further. In 1999, the dollar accounted for 63 per cent of new reserve sales.However, Daily FX has today (October 12th) issued a bullish forecast for the dollar, despite weak medium-term prospects for the currency.