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 indexs 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 199597 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
(1995 = 100)
Based on 199597 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.