US Dollar Index (DXY)
A stronger dollar tightens financial conditions globally.
98.8Index
Trend YoY growth is -4.3%, slowing by 18 bps/month over the last 5Y. Deviations have remained above trend for 10 consecutive periods. Latest: -2.1%, 2.2 pp above trend, a 0.3σ deviation.
Level
YoY %
y = 6.8% − 18 bps/mo · t
Deviation from trend
Forecast
Rolling 1Y trend forecast
| Forecast made in | May '25 | Jun '25 | Jul '25 | Aug '25 | Sep '25 | Oct '25 | Nov '25 | Dec '25 | Jan '26 | Feb '26 | Mar '26 | Apr '26 | May '26 | Jun '26 | Jul '26 | Aug '26 | Sep '26 | Oct '26 | Nov '26 | Dec '26 | Jan '27 | Feb '27 | Mar '27 | Apr '27 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| May '25 | -0.2% | -0.3% | -0.5% | -0.6% | -0.7% | -0.9% | -1.0% | -1.1% | -1.3% | -1.4% | -1.5% | -1.7% | -1.8% | -1.9% | -2.0% | -2.2% | -2.3% | -2.4% | -2.6% | -2.7% | -2.8% | -3.0% | -3.1% | -3.2% |
| Jun '25 | -1.7% | -2.0% | -2.3% | -2.6% | -2.9% | -3.2% | -3.5% | -3.8% | -4.1% | -4.4% | -4.7% | -5.0% | -5.3% | -5.6% | -5.9% | -6.3% | -6.6% | -6.9% | -7.2% | -7.5% | -7.8% | -8.1% | -8.4% | |
| Jul '25 | -3.4% | -3.8% | -4.3% | -4.8% | -5.2% | -5.7% | -6.1% | -6.6% | -7.0% | -7.5% | -8.0% | -8.4% | -8.9% | -9.3% | -9.8% | -10.3% | -10.7% | -11.2% | -11.7% | -12.1% | -12.5% | -13.0% | ||
| Aug '25 | -4.2% | -4.7% | -5.2% | -5.6% | -6.1% | -6.6% | -7.1% | -7.5% | -8.0% | -8.5% | -9.0% | -9.5% | -10.0% | -10.5% | -10.9% | -11.4% | -11.9% | -12.4% | -12.9% | -13.3% | -13.8% | |||
| Sep '25 | -4.9% | -5.5% | -6.1% | -6.6% | -7.2% | -7.8% | -8.4% | -9.0% | -9.5% | -10.1% | -10.7% | -11.3% | -11.9% | -12.5% | -13.1% | -13.6% | -14.2% | -14.8% | -15.4% | -16.0% | ||||
| Oct '25 | -6.0% | -6.8% | -7.6% | -8.4% | -9.2% | -9.9% | -10.7% | -11.5% | -12.3% | -13.1% | -13.9% | -14.7% | -15.4% | -16.3% | -17.0% | -17.8% | -18.6% | -19.4% | -20.2% | |||||
| Nov '25 | -7.1% | -8.1% | -9.0% | -10.0% | -10.9% | -11.8% | -12.8% | -13.8% | -14.7% | -15.7% | -16.6% | -17.6% | -18.6% | -19.5% | -20.5% | -21.4% | -22.3% | -23.3% | ||||||
| Dec '25 | -7.8% | -8.8% | -9.8% | -10.6% | -11.6% | -12.6% | -13.5% | -14.5% | -15.4% | -16.4% | -17.3% | -18.3% | -19.2% | -20.2% | -21.2% | -22.1% | -23.0% | |||||||
| Jan '26 | -8.4% | -9.3% | -10.1% | -10.9% | -11.8% | -12.6% | -13.4% | -14.3% | -15.2% | -16.0% | -16.8% | -17.7% | -18.5% | -19.4% | -20.2% | -21.0% | ||||||||
| Feb '26 | -8.8% | -9.5% | -10.2% | -10.9% | -11.6% | -12.3% | -13.0% | -13.7% | -14.4% | -15.1% | -15.8% | -16.5% | -17.2% | -17.9% | -18.6% | |||||||||
| Mar '26 | -8.5% | -9.0% | -9.5% | -10.0% | -10.5% | -11.1% | -11.6% | -12.1% | -12.6% | -13.1% | -13.6% | -14.1% | -14.6% | -15.1% | ||||||||||
| Apr '26 | -6.9% | -7.1% | -7.3% | -7.4% | -7.6% | -7.8% | -8.0% | -8.1% | -8.3% | -8.5% | -8.7% | -8.8% | -9.0% |