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For immediate release: February 9, 2004

DOLLAR STARTS 2004 DOWN

In January the average monthly value for the trade-weighted dollar index of 15 major currencies tracked by the Federal Reserve Bank of Atlanta dropped 1.7 percent, its fifth consecutive monthly decline. The dollar declined on all subindexes, led by a 3.0 percent decline on the European subindex. The Americas subindex fell 1.8 percent, the Pacific subindex dropped 1.0 percent, and the Pacific-excluding-Japan subindex declined 0.7 percent. Meanwhile, the classic subindex, which is the analogue of the original Atlanta index, was down 1.6 percent. The overall index in January was 9.7 percent lower than its year-ago level. On a daily basis, the overall index’s level at the end of January was 0.2 percent above its reading at the end of December but was 8.9 percent below its level at the end of January 2003.

The Atlanta Fed index is based on 1995–97 bilateral trade weights for 15 currencies. The European subindex includes the European Monetary Union, Switzerland and the United Kingdom. The Pacific subindex includes Australia, China, Hong Kong, Japan, Malaysia, Singapore, South Korea and Taiwan. The Americas subindex includes Brazil, Canada and Mexico. The overall dollar index includes the Saudi Arabian riyal along with the foregoing 14 currencies. The classic subindex includes the European Monetary Union, Switzerland, the United Kingdom, Australia, China, Hong Kong, Japan, Singapore, South Korea, Taiwan, Saudi Arabia and Canada. All figures are indexes and not actual exchange rates. A rise in the index or subindex reflects a strengthening of the dollar against currencies included.


ATLANTA FED DOLLAR INDEXES: FEBRUARY 2004 UPDATE
(1995 = 100)
Atlanta Fed
Overall Index
Monthly
Subindexes
Americas Europe Pacific Pacific
excluding
Japan
Classic
Monthly Averages
Levels:
01/04 113.057 118.896 98.696 117.268 120.275 104.087
12/03 115.066 121.124 101.702 118.428 121.136 105.802
01/03 125.241 133.429 115.596 124.487 123.157 117.371
05/95 (low) 96.925 97.085 99.231 95.303 98.733 97.435
Percent change:
12/03–01/04 -1.7 -1.8 -3.0 -1.0 -0.7 -1.6
01/03–01/04 -9.7 -10.9 -14.6 -5.8 -2.3 -11.3
05/95–01/04 16.6 22.5 -0.5 23.0 21.8 6.8
Daily Data
Levels:
01/30/04 114.054 121.187 99.896 116.908 119.985 104.997
12/31/03 113.836 119.788 99.431 117.989 120.850 104.503
01/31/03 125.192 133.856 114.225 124.856 122.954 116.863
05/08/95 (low) 95.740 96.549 96.705 94.236 98.571 96.238
Percent change:
12/31/03–01/30/04 0.2 1.2 0.5 -0.9 -0.7 0.5
01/31/03–01/30/04 -8.9 -9.5 -12.5 -6.4 -2.4 -10.2
05/08/95–01/30/04 19.1 25.5 3.3 24.1 21.7 9.1

 

Based on 1995–97 bilateral trade weights for 15 currencies. Technical details of country selection, weighting and index construction are available in the June/July 1986, Summer 1987, September/October 1990 and Third Quarter 1999 issues of the Atlanta Fed’s Economic Review.

Atlanta Fed Dollar Indexes Table: History