| Currency | 1Q24 | QoQ change (%) |
YoY change (%) |
Year-end 2023 |
|---|---|---|---|---|
| DXY Index | 104.49 | 3.11 | 1.93 | 101.33 |
| Euro (dollars per euro) | $1.08 | -2.26 | -0.45 | $1.10 |
| Japanese yen (yen per dollar) | ¥151.35 | 7.31 | -13.92 | ¥141.04 |
| British pound sterling (dollar per pound) | $1.26 | -0.85 | 2.32 | $1.27 |
| Chinese renminbi (yuan per dollar) | ¥7.22 | 1.72 | -5.07 | ¥7.10 |
Key Takeaways
- The U.S. Dollar Index (DXY) strengthened in the first quarter as signs of an economic soft landing along with a change in timing around Federal Reserve rate cuts in 2024 fostered the dollar’s increase. The euro strengthened late in the quarter, hovering near the $1.08 level. The yen also managed to recover some of the losses but remains well above ¥140 to the U.S. dollar.
- The Chinese yuan underperformed against the dollar on continued concerns surrounding a still-lagging Chinese economic recovery.
Sources: Bloomberg and Wells Fargo Investment Institute, as of March 31, 2024. 1Q = first 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.