Global Uncertainty Pushes US Dollar Index Near 100

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10/11/2016 15:16 WIB

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US Dollar Index Against 6 Major World Currencies, 2014-November 2016

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Global Uncertainty Pushes US Dollar Index Near 100

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US Dollar Index Against 6 Major World Currencies, 2014-November 2016

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The US dollar has strengthened against six major world currencies since 2014. The fall in crude oil prices, triggering global economic uncertainty, has driven the Greenback (the term for the American currency) upwards. Ongoing concerns about a US Federal Reserve (The Fed) interest rate hike have pushed the US dollar index closer to the 100 level.

On November 9, 2016, the US dollar index closed at 98.504, down 0.66 percent from the previous day's close. As a result, it experienced a slight 0.13 percent correction in 2016 from its end-of-2015 position. However, compared to its position at the beginning of 2014, the US dollar index has surged 23.1 percent.

The US dollar index reflects the movement of the American currency's exchange rate against six major world currencies. These six currencies are the euro (57.6 percent weighting), the Japanese yen (13.6 percent), and the British pound (11.9 percent). The Canadian dollar accounts for 9.1 percent, the Swedish krona 4.2 percent, and the Swiss franc 3.6 percent.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."