April 2008 (March data)
April 2008 (March data)For immediate release: April 7, 2008
Dollar Reached New Low in March
The average monthly value for the trade-weighted dollar index of 15 major currencies tracked by the Federal Reserve Bank of Atlanta decreased 2 percent in March from the previous month, reaching 96.617, below the index's previous low of 96.925 set in May 1995. The dollar posted the greatest loss against the Europe subindex, falling 4.3 percent. The Pacific and Pacific-excluding-Japan subindexes dropped 2.8 and 0.7 percent, respectively, in March. The dollar gained 0.1 percent in the Americas subindex. The classic subindex, which is the analogue of the original Atlanta index, was down 2.3 percent since January. The overall index was 10.6 percent below its year-ago level. On a daily basis, the overall index declined 0.2 percent from the end of February to the end of March and was 10 percent below its value at the end of March 2007.
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: APRIL 2008 UPDATE
(1995 = 100)
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.