U.S. Dollar Index - Weekly and Long-Term Monthly

Comment as of Friday, February 13, 2026

The Dollar Index (DX), is a multi-currency index. The Index does not include the Russian Ruble or the Chinese Yuan (Reminbi) among its components for calculation (see alt currency charts below).

Since mid-2022, the U.S. Dollar Index has been declining, but remains within a firmly defined 17-year upward channel. The current value is trading at about the same level as early 2022, which is just above the median value of the 40-year span back to 1986. It is hyperbole to claim that the Dollar is “weak”. It is lower than it was, but near the “normal” value in a wide historical range.

On June 12-13, 2025, the Russian government forced the U.S. Dollar off of Russia’s large central trading exchange (MOEX) in response to new international sanctions cutting Russia out of the “SWIFT” international trade settlement system. The Yuan is now designated as the Central Bank of Russia’s “Benchmark” currency. Anyone in Russia or dealing with Russia who wishes to use the USD for trade must use interbank markets instead of open exchange trades on the MOEX to price Rubles or Dollars, making it significantly more expensive and less transparent. The direct effect on the Dollar Index is not large. There are rumors that Russia may be interested in switching back into the U.S. Dollar market as a package of incentives designed to encourage U.S. lifting of sanctions (see comments under “Ruble”).

*A “Real Interest Rate” equals the observed market interest rate adjusted for the effects of inflation. The current nominal US Real Interest Rate is about +1.1%. The current rate of inflation as of February 13, 2026 is roughly 2.4%, while the yield on short-term treasury paper is from 3.4% to 3.6%. Currency flows tend to favor those that pay a positive real rate, but political and other risks are also taken into account. The long-term effect of perceived stability and safety along with positive rates is to make the U.S. dollar and/or government notes and bonds more attractive in global markets versus other currencies or paper, even of nations whose real interest rates are positive.

The U.S. Dollar Index is heavily weighted toward European currencies. The Chinese Yuan should be followed alongside the Dollar Index for a more complete assessment of Dollar value in the world.