U.S. Dollar Index (DXY)
The world's reserve currency — sustained weakness may signal erosion of dollar hegemony in a multipolar order.
101.6Index
Trend YoY growth is +0.4%, slowing by 0 bps/year over the last 9Y. Deviations have remained above trend for 53 consecutive periods. Latest: +1.4%, 1.0 pp above trend, a 0.63σ deviation. The latest YoY reading is boosted by 3.5 pp due to an easy comparison base from Nov 4.
Level
YoY %
y = 0.4% − 0 bps/yr · t
Deviation from trend
Forecast
Projected value by forecast vintage (Index)
Projected value (Index)
| Forecast made in | 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 '27 | Jun '27 | Jul '27 | Aug '27 | Sep '27 | Oct '27 | Nov '27 | Dec '27 | MAPE |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Apr '26 | 98.08 | 95.55 | 94.04 | 97.94 | 96.59 | 97.44 | 100.3 | 100.8 | 100.5 | 100.0 | 101.5 | 104.7 | 103.6 | 105.3 | 108.7 | 108.0 | 108.5 | 111.6 | 112.9 | 113.4 | 113.1 | 237% |
| May '26 | 98.91 | 96.36 | 101.2 | 100.6 | 102.3 | 106.0 | 107.4 | 107.8 | 108.0 | 110.4 | 114.6 | 114.1 | 116.8 | 121.2 | 121.2 | 122.5 | 126.7 | 128.9 | 130.3 | 140.0 | 165% | |
| Jun '26 | 101.2 | 103.3 | 103.4 | 105.8 | 110.3 | 112.4 | 113.4 | 114.3 | 117.5 | 122.5 | 122.6 | 126.0 | 131.4 | 132.0 | 133.9 | 139.2 | 142.2 | 144.2 | 163.8 | 402% | ||
| Jul '26 | 99.80 | 102.6 | 104.9 | 109.3 | 111.2 | 112.1 | 112.9 | 115.9 | 120.8 | 120.8 | 124.0 | 129.2 | 129.7 | 131.5 | 136.5 | 139.4 | 141.3 | 158.5 | 394% | |||
| Aug '26 | 99.43 | 101.5 | 104.9 | 105.9 | 105.9 | 105.8 | 107.8 | 111.7 | 110.9 | 113.1 | 117.1 | 116.8 | 117.7 | 121.4 | 123.3 | 124.3 | 131.0 | 173% | ||||
| Sep '26 | 101.4 | 103.3 | 103.8 | 103.4 | 102.9 | 104.4 | 107.7 | 106.5 | 108.2 | 111.6 | 110.9 | 111.3 | 114.5 | 115.8 | 116.3 | 119.3 | 145% | |||||
| Oct '26 | 101.9 | 103.2 | 102.6 | 101.9 | 103.2 | 106.2 | 104.9 | 106.4 | 109.5 | 108.6 | 108.9 | 111.8 | 112.9 | 113.2 | 115.0 | 170% | ||||||
| Nov '26 | 101.6 | 102.3 | 101.5 | 102.7 | 105.7 | 104.3 | 105.7 | 108.7 | 107.8 | 107.9 | 110.7 | 111.7 | 112.0 | 113.3 | ||||||||
| Dec '26 | 102.3 | 101.5 | 102.7 | 105.7 | 104.3 | 105.7 | 108.7 | 107.8 | 107.9 | 110.7 | 111.7 | 112.0 | 113.3 |
YoY change forecast
| Forecast made in | 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 '27 | Jun '27 | Jul '27 | Aug '27 | Sep '27 | Oct '27 | Nov '27 | Dec '27 | MAPE |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Apr '26 | -2.2% | -3.8% | -2.9% | -2.1% | -1.2% | -0.3% | +0.5% | +1.4% | +2.2% | +3.1% | +4.0% | +4.8% | +5.6% | +6.5% | +7.4% | +8.2% | +9.1% | +10.0% | +10.8% | +11.7% | +12.5% | 237% |
| May '26 | -0.4% | -0.5% | +1.1% | +2.9% | +4.6% | +6.2% | +8.0% | +9.6% | +11.4% | +13.1% | +14.6% | +16.4% | +18.0% | +19.8% | +21.4% | +23.2% | +24.9% | +26.5% | +28.3% | +29.9% | 165% | |
| Jun '26 | +4.5% | +3.3% | +5.7% | +8.2% | +10.6% | +13.0% | +15.4% | +17.9% | +20.3% | +22.6% | +25.0% | +27.4% | +29.9% | +32.2% | +34.7% | +37.2% | +39.5% | +42.0% | +44.4% | 402% | ||
| Jul '26 | +1.1% | +4.9% | +7.3% | +9.5% | +11.8% | +14.1% | +16.4% | +18.7% | +20.8% | +23.1% | +25.4% | +27.7% | +29.9% | +32.2% | +34.6% | +36.8% | +39.1% | +41.4% | 394% | |||
| Aug '26 | +1.1% | +3.8% | +5.1% | +6.5% | +7.8% | +9.1% | +10.5% | +11.7% | +13.0% | +14.3% | +15.7% | +17.0% | +18.3% | +19.7% | +21.0% | +22.3% | +23.7% | 173% | ||||
| Sep '26 | +3.8% | +3.5% | +4.4% | +5.2% | +6.1% | +6.9% | +7.7% | +8.6% | +9.4% | +10.3% | +11.1% | +12.0% | +12.8% | +13.7% | +14.5% | +15.4% | 145% | |||||
| Oct '26 | +2.1% | +3.7% | +4.4% | +5.0% | +5.7% | +6.3% | +6.9% | +7.6% | +8.2% | +8.8% | +9.5% | +10.2% | +10.8% | +11.4% | +12.1% | 170% | ||||||
| Nov '26 | +1.4% | +4.0% | +4.6% | +5.2% | +5.7% | +6.3% | +6.8% | +7.4% | +8.0% | +8.6% | +9.1% | +9.7% | +10.3% | +10.8% | ||||||||
| Dec '26 | +4.0% | +4.6% | +5.2% | +5.7% | +6.3% | +6.8% | +7.4% | +8.0% | +8.6% | +9.1% | +9.7% | +10.3% | +10.8% |
Forecasts use ordinary least-squares linear regression fitted to the YoY change series over a rolling 6M window. Each row shows a vintage — the forecast as it would have appeared at that point in time. Projected values apply the forecasted YoY change to the prior year's level, chaining forward where actuals are unavailable. MAPE measures forecast accuracy against realized values. These are mechanical trend extrapolations, not economic models.