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03 · MER Dollar Index

MER Dollar Index

Data through July 31, 2026 · 100 = January 2026 · a value for every US business day; the underlying rates publish with a few days' lag

MER Dollar Index

101.6

Jul 31, 2026

One month

-1.1%

change in the index

Twelve months

-1.5%

change in the index

Developed leg

+0.0%

twelve-month change

Emerging leg

-3.7%

twelve-month change

Largest 12-month move

-9.2%

dollar vs BRL · of the 19 shown

Scroll to zoom, drag to select a window · hold the middle mouse button (or Shift) and drag to slide through time, on any panel including the component grid · every panel follows · double-click to reset · click any legend entry to hide or restore it · shaded bands mark NBER-dated US recession monthsTap a chart for values · the range buttons and month pickers set the window, every panel follows · tap any legend entry to hide or restore it · shaded bands mark NBER-dated US recession months

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Week to Jul 31, 2026: dollar -0.91% · developed -1.06% · emerging -0.69%

Why this index

the case for a broad dollar

DXY carries weights frozen since 1999, is majority euro, and covers no emerging markets. The MER Dollar Index measures the dollar against the currencies America actually trades with — developed and emerging.

Broad trade-weighted dollar measures exist, but the widely followed ones carry illiquid currencies or sit behind a terminal. The MER Dollar Index is computed for every US business day from market exchange rates on a liquid basket, and it publishes the developed and emerging legs separately — two halves of dollar strength that routinely tell different stories. Since January 2006 the dollar has gained 39% against the emerging leg and 11% against the developed one.

The index

month-end level · 100 = January 2026

Source: Macro Edge Research · underlying exchange rates from official daily fixings and market closing rates

The last twelve months, daily

every US business day · fixed window, not linked to the range controls

Source: Macro Edge Research · underlying exchange rates from official daily fixings and market closing rates

Developed vs emerging

the two legs of the same index · rebase to compare any window

Source: Macro Edge Research · underlying exchange rates from official daily fixings and market closing rates

Twelve-month change

index and legs · % y/y

Source: Macro Edge Research · underlying exchange rates from official daily fixings and market closing rates

Where the strength is

emerging minus developed, y/y · pp

Source: Macro Edge Research · underlying exchange rates from official daily fixings and market closing rates

Month over month

% m/m · positive = stronger dollar

Source: Macro Edge Research · underlying exchange rates from official daily fixings and market closing rates

Against the euro-heavy gauge

both 100 = January 2026 · DXY reconstructed by MER from the same noon fixings

Source: Macro Edge Research · underlying exchange rates from official daily fixings and market closing rates

The dollar, currency by currency

nineteen currencies, index constituents and not · % m/m · greens = dollar stronger, reds = weaker

Source: Macro Edge Research · underlying exchange rates from official daily fixings and market closing rates

The MER Dollar Index is computed by Macro Edge Research from official New York noon exchange-rate fixings — supplemented by market closing rates where official fixings do not span a series' full history — over a weighted basket of developed- and emerging-market currencies, indexed to 100 at January 2026, when Macro Edge Research began publishing it. Charts plot month-end values — the twelve-month daily panel excepted — and the tiles carry the latest daily print. A rising index is a stronger dollar; the developed and emerging legs are exact sub-indices of the same construction. The index is a coincident gauge of where the dollar is moving, not a forecast. Underlying rates publish in a weekly batch, typically Monday afternoons US time, so the newest print can sit a few business days behind today; the page refreshes daily and picks each batch up within a day. The euro-heavy comparison line is MER's reconstruction of the ICE Dollar Index (DXY) from the same fixings, shown for contrast; the currency-by-currency table is public bilateral rates and includes currencies the index does not use. · Forecasts and track record → · Disclaimer