| Currency | 2Q24 | QoQ change (%) |
YoY change (%) |
Year-end 2023 |
|---|---|---|---|---|
| DXY Index | 105.87 | 1.32 | 2.87 | 101.33 |
| Euro (dollars per euro) | $1.07 | -0.71 | -1.80 | $1.10 |
| Japanese yen (yen per dollar) | ¥160.88 | 6.30 | -11.48 | ¥141.04 |
| British pound sterling (dollar per pound) | $1.26 | 0.17 | -0.46 | $1.27 |
| Chinese renminbi (yuan per dollar) | ¥7.27 | 0.62 | -0.19 | ¥7.10 |
Key Takeaways
- The U.S. Dollar Index (DXY) was mostly flat in the second quarter as market expectations of rate cuts from the ECB fell along with those of the Federal Reserve and left interest rate differentials lower than expected. The euro strengthened from April lows, ending above the $1.07 level. The yen was volatile on BOJ intervention but remains well above ¥150 to the U.S. dollar.
- The Chinese yuan was roughly flat against the dollar, stemming Q1’s significant underperformance on Chinese economic recovery concerns.
Sources: Bloomberg and Wells Fargo Investment Institute, as of June 30, 2024. 2Q = second quarter. QOQ = quarter over quarter. YOY = year over year. The DXY Index measures the value of the U.S. dollar relative to major developed market currencies, notably the euro, the Japanese yen, and the British pound. An index is unmanaged and not available for direct investment. Past performance is no guarantee of future results.