May 2008 (April data)
May 2008 (April data)For immediate release: May 7, 2008
Dollar Dropped to New Low in April
The average monthly value for the trade-weighted dollar index of 15 major currencies tracked by the Federal Reserve Bank of Atlanta reached a new low in April. After passing the index's May 1995 low of 96.925 in March at 96.617, in April the index decreased slightly more to 96.594. The dollar posted the greatest loss against the Europe subindex, falling 0.8 percent. The Pacific-excluding-Japan subindex dropped 0.6 percent, while the Pacific subindex gained 0.4 percent. The dollar remained steady in the Americas subindex. The classic subindex, which is the analogue of the original Atlanta index, was up 0.3 percent since March. The overall index was 9.5 percent below its year-ago level. On a daily basis, the overall index increased 0.4 percent from the end of March to the end of April, as the dollar began to pick up at the end of the month. The daily index was 8.4 percent below its value at the end of April 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: MAY 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.