U.S. Dollar Index
economic measure of US dollar exchange rates
The U.S. Dollar Index (USDX, DXY, DX, or, informally, the "Dixie") is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies, often referred to as a basket of U.S. trade partners' currencies. The Index goes up when the U.S. dollar gains "strength" (value) when compared to other currencies.
The index is designed, maintained, and published by ICE (Intercontinental Exchange, Inc.), with the name "U.S. Dollar Index" as a registered trademark.
It is a weighted geometric mean of the dollar's value relative to each of the following select currencies:
Euro (EUR), 57.6% weight
Japanese yen (JPY), 13.6% weight
Pound sterling (GBP), 11.9% weight
Canadian dollar (CAD), 9.1% weight
Swedish krona (SEK), 4.2% weight
Swiss franc (CHF), 3.6% weight
History
USDX started in March 1973, soon after the dismantling of the Bretton Woods system. At its start, the value of the U.S. Dollar Index was 100.000. It has since traded as high as 164.720 in February 1985, and as low as 70.698 on March 16, 2008.
The makeup of the "basket" has been altered only once, when several European currencies were subsumed by the euro at the start of 1999. Some commentators have said that the makeup of the "basket" is overdue for revision as China, Mexico, South Korea and Brazil are major trading partners presently which are not part of the index whereas Sweden and Switzerland continue as part of the index in spite of their trade volume with the US being much less relevant than in the early 1970s.
Relation to Economic Growth in Developing Countries
Some scholars posit that the cyclical fluctuations in the Dollar Index, commonly referred to as the Dollar Cycle, are intricately linked to economic growth trends in developing nations. According to this hypothesis, a period of appreciation in the dollar, known as a dollar upcycle, tends to correlate with a decline in economic growth in emerging markets.
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