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For immediate release: January 7, 2004

DOLLAR ENDS YEAR WITH ANOTHER DECLINE

In December the average monthly value for the trade-weighted dollar index of 15 major currencies tracked by the Federal Reserve Bank of Atlanta declined 1.2 percent, its fourth consecutive monthly decline. The dollar was down on most subindexes, with a 4.5 percent decline on the European subindex being the largest. The Pacific subindex fell 0.7 percent, and the Pacific-excluding-Japan subindex was down 0.2 percent. The Americas subindex rose 0.3 percent. The classic subindex, which is the analogue of the original Atlanta index, was down 1.6 percent. The overall index in December was 9.4 percent lower than its year-ago level. On a daily basis, the overall index’s level at the end of December was 1.8 percent below its reading at the end of November and 9.8 percent below its level at the end of December 2002.

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: JANUARY 2004 UPDATE
(1995 = 100)
Atlanta Fed
Overall Index
Monthly
Subindexes
Americas Europe Pacific Pacific
excluding
Japan
Classic
Monthly Averages
Levels:
12/03 115.066 121.124 101.702 118.428 121.136 105.802
11/03 116.479 120.797 106.517 119.229 121.402 107.470
12/02 127.021 133.303 119.893 126.488 124.301 119.789
05/95 (low) 96.925 97.085 99.231 95.303 98.733 97.435
Percent change:
11/03–12/03 -1.2 0.3 -4.5 -0.7 -0.2 -1.6
12/02–12/03 -9.4 -9.1 -15.2 -6.4 -2.5 -11.7
05/95–12/03 18.7 24.8 2.5 24.3 22.7 8.6
Daily Data
Levels:
12/31/03 113.836 119.788 99.431 117.989 120.850 104.503
11/28/03 115.935 120.672 104.069 119.554 121.691 106.551
12/31/02 126.240 135.069 116.847 124.773 123.684 118.684
05/08/95 (low) 95.740 96.549 96.705 94.236 98.571 96.238
Percent change:
11/28/03-12/31/03 -1.8 -0.7 -4.5 -1.3 -0.7 -1.9
12/31/02-12/31/03 -9.8 -11.3 -14.9 -5.4 -2.3 -11.9
05/08/95–12/31/03 18.9 24.1 2.8 25.2 22.6 8.6

 

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