Quick Answer
As of July 28, 2026, US Dollar Index (DXY) is 101.6. Source: Live market data via Convex.
Cite this: https://convextrade.com/metrics/dxy#answer · Data: CSV (stable URL)
US Dollar Index (DXY)
Live ICE US Dollar Index (DXY), the six-currency futures basket quoted intraday. For the Fed's broad trade-weighted dollar (26 partners, end-of-day) see /metrics/dtwexbgs.
The US Dollar Index (DXY) is currently 101.6, last updated .
Track US Dollar Index (DXY) in a free watchlist and get it in your daily digest.
Free macro alerts →The dollar is the single largest macro variable for cross-asset returns. A rising dollar tightens global financial conditions, pressures emerging-market funding, and compresses commodity prices denominated in USD. Real effective exchange rates strip out inflation differentials, revealing whether a currency is genuinely appreciating or just keeping pace with domestic price levels.
AI Analysis
Jul 21, 2026DXY broad 120.5 (spot marker 101.2 on the narrow index), essentially flat (1W +0.05%, 1M +0.11%). Notable regime flag: gold-DXY correlation has turned POSITIVE (+0.23) — a CRISIS_HAVEN signal where both catch a flight-to-safety bid, unusual and suggesting latent stress. Range-bound DXY 99-103 (narrow) is the base case; a growth-scare/vol-spike (scenario 3) is the asymmetric path to a firmer dollar.
About US Dollar Index (DXY)
What Is the DXY?
The US Dollar Index (DXY) measures the value of the US dollar against a basket of six major currencies, the Euro (57.6%), Japanese Yen (13.6%), British Pound (11.9%), Canadian Dollar (9.1%), Swedish Krona (4.2%), and Swiss Franc (3.6%). Created in 1973 after the collapse of Bretton Woods, with a base value of 100, it is the most widely watched gauge of broad dollar strength in global markets.
The DXY matters far beyond currency trading. As the world's reserve currency, the dollar's strength or weakness ripples through every asset class: commodities, emerging markets, US corporate earnings, global liquidity conditions, and central bank policy worldwide. Understanding DXY dynamics is essential for any macro trader, it is the connective tissue that links monetary policy in Washington to bond markets in Tokyo, commodity prices in London, and equity markets in Shanghai.
The DXY Basket
| Currency | Weight | Why This Weight |
|---|---|---|
| Euro (EUR) | 57.6% | Combined weight of former Deutsche Mark, French Franc, Italian Lira, etc. |
| Japanese Yen (JPY) | 13.6% | Japan was the #2 economy when DXY was created |
| British Pound (GBP) | 11.9% | UK was a major trading partner |
| Canadian Dollar (CAD) | 9.1% | Largest US border trading partner |
| Swedish Krona (SEK) | 4.2% | Historical trading importance |
| Swiss Franc (CHF) | 3.6% | Safe-haven and financial center currency |
The Missing Currencies
The DXY's biggest limitation: it excludes China, India, Mexico, South Korea, and Brazil, collectively representing a larger share of US trade than the six included currencies. The DXY is essentially a "dollar vs developed-world currencies" index, with a massive euro bias.
For a more comprehensive view:
- Fed Broad Trade-Weighted Dollar (DTWEXBGS): 26 currencies, trade-weighted
- Bloomberg Dollar Spot Index (BBDXY): 10 currencies, more modern weighting
- Real Effective Exchange Rate (REER): Adjusted for inflation differentials
DXY History: The Major Regimes
| Period | DXY Range | Regime | Key Driver |
|---|---|---|---|
| 1973-1978 | 100 → 82 | Weak dollar | Post-Bretton Woods uncertainty, oil shocks, inflation |
| 1978-1985 | 82 → 165 | Super strong dollar | Volcker rate hikes (20%+ fed funds), capital inflows |
| 1985-1992 | 165 → 78 | Plaza Accord weakness | G5 coordinated intervention to weaken dollar |
| 1995-2002 | 80 → 120 | Strong dollar | Dot-com boom, US growth outperformance |
| 2002-2008 | 120 → 71 | Weak dollar | Fed easing post-dot-com, twin deficits, commodity supercycle |
| 2008-2011 | 71 → 89 → 73 | Volatile | GFC safe-haven (up), then QE (down) |
| 2011-2016 | 73 → 103 | Strengthening | Taper tantrum, ECB negative rates, diverging policy |
| 2017-2021 | 103 → 89 | Mild weakness | COVID stimulus, zero rates, global recovery |
| 2022 | 95 → 114 | Wrecking ball | Fastest Fed hiking cycle in 40 years; 114 was 20-year high |
| 2023-2025 | 114 → 100-108 | Moderating | Rate peak, de-dollarization concerns |
Cross-Asset Impact: The Dollar as Global Macro Lever
The DXY Transmission Mechanism
| Asset Class | DXY Rises 10% | DXY Falls 10% | Correlation |
|---|---|---|---|
| Gold | Falls 5-15% | Rises 5-15% | -0.4 to -0.6 |
| Crude Oil | Falls 5-10% | Rises 5-10% | -0.3 to -0.5 |
| Copper | Falls 5-12% | Rises 5-12% | -0.3 to -0.5 |
| S&P 500 EPS | Falls 3-5% (translation) | Rises 3-5% | -0.2 to -0.3 |
| EM Equities (EEM) | Falls 10-20% | Rises 10-20% | -0.5 to -0.7 |
| EM Currencies | Weaken 5-15% | Strengthen 5-15% | -0.6 to -0.8 |
| US Treasuries | Mixed (capital inflows vs inflation) | Mixed | Low correlation |
| Bitcoin | Falls 5-15% | Rises 5-15% | -0.3 to -0.5 (since 2020) |
The "Dollar Smile" Theory
Economist Stephen Jen developed the Dollar Smile framework that explains the DXY's non-linear behavior:
- Left side of smile (dollar strong): Global risk-off → safe-haven dollar demand
- Bottom of smile (dollar weak): Goldilocks growth → capital flows to higher-yielding non-US assets
- Right side of smile (dollar strong): US outperformance → capital attracted by superior US growth and yields
The dollar is weakest when the global economy is growing moderately and the US is not dramatically outperforming, the "middle ground" where investors venture into EM, commodities, and foreign equities.
Trading the DXY
The Primary Instruments
| Instrument | Ticker | Liquidity | Best For |
|---|---|---|---|
| ICE DX Futures | DXY | Very high | Direct macro DXY trading |
| EUR/USD (inverse proxy) | EUR/USD | Highest in world ($2T+/day) | Most liquid dollar trade |
| UUP / UDN ETFs | UUP, UDN | Moderate | Equity-account dollar exposure |
| Gold (inverse proxy) | GLD, GC | Very high | Dollar weakness + inflation hedge |
| EM currency ETFs | CEW | Low | Broad EM vs dollar |
DXY Trading Playbook
| Regime | DXY Trade | Cross-Asset Trade |
|---|---|---|
| Fed hiking, DXY rising | Long DXY/UUP | Short gold, short EM, short commodities |
| Fed peak/pivot | Short DXY/Long UDN | Long gold, long EM, long commodities |
| Global risk-off | Long DXY (safe haven) | Long Treasuries, short risk assets |
| US recession | Short DXY (Fed will cut) | Long gold, long duration |
| De-dollarization catalyst | Short DXY | Long gold, long BTC, long commodity currencies |
What to Watch
- Fed vs ECB/BOJ rate differential, the most important single driver; when the spread widens in favor of the US, DXY rises
- US vs global growth data, PMIs, jobs data, GDP; when US outperforms, DXY strengthens
- VIX / risk sentiment, DXY tends to surge during risk-off events (safe-haven demand)
- Treasury foreign holdings data (TIC), monthly data on foreign purchases of US assets; declining foreign demand = DXY headwind
- Central bank gold purchases, sustained buying signals structural de-dollarization, a long-term DXY headwind
Recent Data
Download CSV| Date | Value | Change |
|---|---|---|
| Jul 28, 2026 | 101.6 | +0.08% |
| Jul 27, 2026 | 101.51 | +0.05% |
| Jul 25, 2026 | 101.47 | +0.00% |
| Jul 24, 2026 | 101.47 | +0.03% |
| Jul 23, 2026 | 101.44 | +0.29% |
| Jul 22, 2026 | 101.14 | -0.05% |
| Jul 21, 2026 | 101.19 | +0.21% |
| Jul 20, 2026 | 100.98 | +0.22% |
| Jul 18, 2026 | 100.76 | +0.00% |
| Jul 17, 2026 | 100.76 | +0.05% |
| Jul 16, 2026 | 100.71 | +0.23% |
| Jul 15, 2026 | 100.47 | -0.44% |
| Jul 14, 2026 | 100.92 | -0.36% |
| Jul 13, 2026 | 101.28 | +0.31% |
| Jul 12, 2026 | 100.97 | +0.00% |
| Jul 11, 2026 | 100.97 | +0.00% |
| Jul 10, 2026 | 100.97 | -0.42% |
| Jun 23, 2026 | 101.39 | +3.22% |
| Apr 18, 2026 | 98.23 | -1.75% |
| Apr 6, 2026 | 99.98 | -0.05% |
| Apr 2, 2026 | 100.03 | +0.38% |
| Apr 1, 2026 | 99.65 | -0.31% |
| Mar 31, 2026 | 99.96 | -0.55% |
| Mar 30, 2026 | 100.51 | — |
Related in FX & Dollar
Explore Further
Frequently Asked Questions
▶What is US Dollar Index (DXY)?
▶How does US Dollar Index (DXY) relate to fx & dollar?
▶How often is US Dollar Index (DXY) updated?
▶Where does Convex source US Dollar Index (DXY) data?
▶What can I do on the US Dollar Index (DXY) chart page?
Get daily macro analysis covering US Dollar Index (DXY) and related indicators delivered to your inbox.
Data sourced from FRED, CoinGecko, CBOE, CFTC, and EIA. Updated real-time. This page is for informational purposes only and does not constitute financial advice.