Forex
US Dollar Index (DXY)
The US dollar's value against a basket of six major currencies, dominated by the euro.
DXY chart
- Proxy
- Index CFD
- Intraday · may be delayed
- CAPITALCOM:DXY
This chart uses Capital.com's DXY CFD as a proxy for the ICE US Dollar Index. Its level can differ slightly from the official value published by ICE.
About the DXY
The US Dollar Index measures the dollar against a fixed basket of six currencies: the euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc. It was set to 100 in March 1973 and is published by ICE.
The basket weights have not changed since the euro replaced its predecessor currencies in 1999, so the euro alone makes up about 57.6% of the index. In practice, DXY and EUR/USD tend to move as near mirror images.
DXY is a convenient shorthand for 'the dollar', but it does not include currencies such as the Chinese yuan or Mexican peso. Broader trade-weighted indexes from the Federal Reserve give a more complete picture of the dollar's value against trading partners.
What moves DXY
Common drivers. None of them determine price on their own.
- Rate differentials
- Expectations for the Fed relative to the ECB, BoJ and other central banks are one of the most persistent drivers. Short-dated yields such as the 2-year Treasury are closely watched.
- US data surprises
- CPI, payrolls and other releases change the expected Fed path. The dollar's reaction depends on how the data compares with forecasts and on what is already priced in.
- Risk sentiment
- The dollar has often strengthened during global stress as investors seek liquidity, though this relationship varies across episodes.
- Euro-area news
- Given the euro's weight, ECB decisions and European data can move DXY as much as US news.
DXY trading hours
Regular schedules in US Eastern time unless noted. Holidays and early closes are not shown.
| Venue | Hours | Note |
|---|---|---|
| Spot index (calculated from FX) | Approx. Sun 5:00 p.m. – Fri 5:00 p.m. ET | Follows the 24-hour FX market |
| DX futures (ICE Futures U.S.) | Nearly 24 hours on weekdays | See ICE for exact sessions |
Economic events that matter for DXY
Why each release can move this market. Reactions depend on the surprise versus expectations and on the backdrop.
| Event | Why it can matter for DXY |
|---|---|
| FOMC Next: | DXY is driven heavily by US interest rates relative to those abroad, so a more hawkish or dovish Fed than expected can move it against all six component currencies at once. |
| CPI Next: | Inflation surprises shift the expected US rate path relative to other central banks. Because the euro makes up about 58% of the index, DXY's CPI reaction often mirrors EUR/USD's in reverse. |
| NFP Next: | Payroll surprises frequently produce some of the largest scheduled dollar moves, because they change both the US growth outlook and the rate gap versus Europe and Japan. |
| Retail Sales Next: | A timely read on US consumer demand: surprises in the control group can shift US growth and rate expectations relative to the rest of the world, though the dollar's reaction is usually smaller than for jobs or inflation. |
| ISM Services Next: | Services are most of the US economy, and the survey's activity and prices-paid indexes can shift growth and inflation expectations at 10:00 a.m. ET, after the morning's 8:30 releases have been digested. |
DXY FAQ
What currencies are in the DXY?
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%). The weights have been fixed since 1999.
Why do DXY and EUR/USD move in opposite directions?
The euro is more than half of the DXY basket, and EUR/USD is quoted as dollars per euro. When the dollar strengthens against the euro, EUR/USD falls and DXY rises, so the two often look like mirror images.
Does a strong dollar mean lower gold prices?
Gold is priced in dollars, and the two have often moved in opposite directions, but the relationship is unstable. Real yields, central-bank buying and safe-haven demand can all dominate in a given period.