---
ticker: "USDBROAD"
title: "Nominal Broad US Dollar Index"
unit: "index"
frequency: "Daily"
source: "Hirsch and Higgins (1970); Loretan (2005)"
release: "Updated Daily"
category: "Exchange Rates"
country: "US"
language: "en"
canonical: "https://kred.dev/en/series/USDBROAD"
license: "https://creativecommons.org/licenses/by-nc-nd/4.0/"
latest_value: 121.40
latest_date: "2026-10-16"
first_date: "2006-01-02"
observations_total: 5212
observations_shown: 120
---

# Nominal Broad US Dollar Index

## Overview

A single index summarizing the dollar's value against a broad basket of trading-partner currencies.

## Key Figures

|  | Value | Date |
|---|---|---|
| Latest | 121.40 | 2026-10-16 |
| Change from previous | -0.16 | 2026-10-15 |
| Change over one year | +0.73 | 2025-10-16 |
| Highest on record | 130.04 | 2025-01-13 |
| Lowest on record | 85.47 | 2011-07-26 |
| Period covered | 2006-01-02 – 2026-10-16 |  |
| Observations | 5212 |  |

## Recent observations

| Date | Value | Change |
|---|---|---|
| 2026-04-27 | 118.55 | -0.18 |
| 2026-04-28 | 118.77 | +0.23 |
| 2026-04-29 | 119.10 | +0.33 |
| 2026-04-30 | 118.67 | -0.43 |
| 2026-05-01 | 118.39 | -0.28 |
| 2026-05-04 | 118.83 | +0.43 |
| 2026-05-05 | 118.62 | -0.21 |
| 2026-05-06 | 118.10 | -0.52 |
| 2026-05-07 | 118.01 | -0.09 |
| 2026-05-08 | 118.04 | +0.03 |
| 2026-05-11 | 118.06 | +0.02 |
| 2026-05-12 | 118.52 | +0.47 |
| 2026-05-13 | 118.47 | -0.05 |
| 2026-05-14 | 118.67 | +0.20 |
| 2026-05-15 | 119.28 | +0.61 |
| 2026-05-18 | 119.06 | -0.23 |
| 2026-05-19 | 119.45 | +0.39 |
| 2026-05-20 | 119.16 | -0.29 |
| 2026-05-21 | 119.37 | +0.21 |
| 2026-05-22 | 119.29 | -0.08 |
| 2026-05-26 | 119.17 | -0.12 |
| 2026-05-27 | 119.18 | +0.01 |
| 2026-05-28 | 119.03 | -0.15 |
| 2026-05-29 | 118.88 | -0.15 |
| 2026-06-01 | 119.17 | +0.29 |
| 2026-06-02 | 119.04 | -0.13 |
| 2026-06-03 | 119.38 | +0.35 |
| 2026-06-04 | 119.36 | -0.02 |
| 2026-06-05 | 120.08 | +0.72 |
| 2026-06-08 | 120.03 | -0.05 |
| 2026-06-09 | 119.96 | -0.07 |
| 2026-06-10 | 119.91 | -0.05 |
| 2026-06-11 | 120.12 | +0.20 |
| 2026-06-12 | 119.51 | -0.61 |
| 2026-06-15 | 119.32 | -0.19 |
| 2026-06-16 | 119.26 | -0.06 |
| 2026-06-17 | 119.39 | +0.13 |
| 2026-06-18 | 120.40 | +1.01 |
| 2026-06-22 | 120.55 | +0.15 |
| 2026-06-23 | 121.06 | +0.51 |
| 2026-06-24 | 121.41 | +0.36 |
| 2026-06-25 | 121.06 | -0.36 |
| 2026-06-26 | 120.89 | -0.17 |
| 2026-06-29 | 120.95 | +0.07 |
| 2026-06-30 | 120.92 | -0.03 |
| 2026-07-01 | 121.15 | +0.22 |
| 2026-07-02 | 120.69 | -0.46 |
| 2026-07-06 | 120.83 | +0.14 |
| 2026-07-07 | 120.81 | -0.02 |
| 2026-07-08 | 121.13 | +0.32 |
| 2026-07-09 | 120.75 | -0.38 |
| 2026-07-10 | 120.50 | -0.25 |
| 2026-07-13 | 120.74 | +0.24 |
| 2026-07-14 | 120.47 | -0.27 |
| 2026-07-15 | 120.31 | -0.16 |
| 2026-07-16 | 120.33 | +0.02 |
| 2026-07-17 | 120.53 | +0.20 |
| 2026-07-20 | 120.54 | +0.01 |
| 2026-07-21 | 120.58 | +0.04 |
| 2026-07-22 | 120.57 | 0.00 |
| 2026-07-23 | 120.91 | +0.33 |
| 2026-07-24 | 120.71 | -0.20 |
| 2026-07-27 | 120.77 | +0.06 |
| 2026-07-28 | 120.62 | -0.15 |
| 2026-07-29 | 120.79 | +0.16 |
| 2026-07-30 | 119.68 | -1.11 |
| 2026-07-31 | 119.70 | +0.03 |
| 2026-08-03 | 119.70 | -0.01 |
| 2026-08-04 | 119.60 | -0.10 |
| 2026-08-05 | 119.39 | -0.21 |
| 2026-08-06 | 119.51 | +0.12 |
| 2026-08-07 | 119.06 | -0.45 |
| 2026-08-10 | 119.12 | +0.05 |
| 2026-08-11 | 119.18 | +0.06 |
| 2026-08-12 | 119.12 | -0.06 |
| 2026-08-13 | 119.18 | +0.07 |
| 2026-08-14 | 118.90 | -0.28 |
| 2026-08-17 | 118.81 | -0.09 |
| 2026-08-18 | 118.98 | +0.17 |
| 2026-08-19 | 118.33 | -0.65 |
| 2026-08-20 | 118.25 | -0.08 |
| 2026-08-21 | 118.06 | -0.19 |
| 2026-08-24 | 118.32 | +0.26 |
| 2026-08-25 | 118.23 | -0.09 |
| 2026-08-26 | 118.45 | +0.22 |
| 2026-08-27 | 118.36 | -0.09 |
| 2026-08-28 | 118.75 | +0.39 |
| 2026-08-31 | 118.57 | -0.18 |
| 2026-09-01 | 118.66 | +0.09 |
| 2026-09-02 | 118.53 | -0.13 |
| 2026-09-03 | 118.13 | -0.40 |
| 2026-09-04 | 118.07 | -0.05 |
| 2026-09-08 | 117.91 | -0.16 |
| 2026-09-09 | 117.88 | -0.03 |
| 2026-09-10 | 118.08 | +0.20 |
| 2026-09-11 | 118.21 | +0.13 |
| 2026-09-14 | 118.69 | +0.48 |
| 2026-09-15 | 118.88 | +0.19 |
| 2026-09-16 | 118.92 | +0.04 |
| 2026-09-17 | 119.35 | +0.43 |
| 2026-09-18 | 119.51 | +0.16 |
| 2026-09-21 | 119.40 | -0.11 |
| 2026-09-22 | 119.59 | +0.19 |
| 2026-09-23 | 120.12 | +0.52 |
| 2026-09-24 | 120.55 | +0.44 |
| 2026-09-25 | 120.33 | -0.22 |
| 2026-09-28 | 120.70 | +0.37 |
| 2026-09-29 | 121.03 | +0.33 |
| 2026-09-30 | 120.97 | -0.06 |
| 2026-10-01 | 121.79 | +0.82 |
| 2026-10-02 | 121.38 | -0.40 |
| 2026-10-05 | 121.27 | -0.11 |
| 2026-10-06 | 120.90 | -0.37 |
| 2026-10-07 | 121.26 | +0.36 |
| 2026-10-08 | 121.45 | +0.19 |
| 2026-10-09 | 121.60 | +0.16 |
| 2026-10-13 | 121.44 | -0.16 |
| 2026-10-14 | 122.00 | +0.56 |
| 2026-10-15 | 121.57 | -0.43 |
| 2026-10-16 | 121.40 | -0.16 |

## Definition

USDBROAD is the raw nominal broad dollar index recorded as published without any transformation, a single daily number that summarizes the foreign-exchange value of the US dollar against a wide basket of trading-partner currencies.

The quantity it measures is an effective exchange rate, a conceptual object first operationalized as a trade-weighted average of bilateral rates (Hirsch and Higgins 1970) and later refined into the multilateral weighting now standard (Rhomberg 1976; Black 1976).

The published series rests on a geometric trade-weighted aggregation, defined by the specific lineage of the broad dollar construction (Pauls 1987; Loretan 2005). Because it is a level index rather than a return, the series inherits the conventions of index construction (Maciejewski 1983).

Reading the level requires the purchasing-power-parity benchmark (Cassel 1918), under which a nominal rate is anchored to the ratio of national price levels. The absolute-versus-relative distinction was subsequently formalized (Officer 1976; Frenkel 1978), and single-good arbitrage logic provides its basis (Isard 1977).

A rise in the index denotes broad dollar appreciation, interpreted as a deviation of the nominal rate from its long-run parity anchor rather than a change in relative price levels themselves (Rogoff 1996; Dornbusch 1987).

## Methodology

KRED applies no transformation to USDBROAD and stores the index exactly as recorded, neither rescaling, deflating, smoothing, nor annualizing it. The methodology is therefore solely the effective-exchange-rate measurement basis by which such a number comes to exist. The construction is an index-number aggregation of bilateral dollar rates, a trade-weighted average (Hirsch and Higgins 1970), and even from a single set of rates the seven alternative indices depend sharply on the choice of weights (Rhomberg 1976). The multilateral weights are derived from a world model of traded goods (Black 1976), and the demand-elasticity framework that distinguishes goods by origin justifies trade-elasticity weighting (Armington 1969).

How the level is formed is fixed by the competitiveness-index refinements that include third-market double-export weighting and the geometric-versus-arithmetic aggregation choice (Turner and Van 't dack 1993), together with the conceptual review of base-period, weighting, and deflator choices (Maciejewski 1983). The specific broad dollar series follows a geometric-mean, time-varying-weight scheme (Pauls 1987; Loretan 2005), and its weights are realigned to bilateral trade shares as those shares shift (Bayoumi, Lee, and Jayanthi 2006). This same re-weighting appears in the effective-rate indices and in the methodology described for them (Klau and Fung 2006; Zanello and Desruelle 1997). No purchasing-power deflation is applied, so the published object remains the nominal effective rate rather than the real rate (Rogoff 1996).

## Applications in Economics

As a broad nominal gauge of the dollar, USDBROAD is read against the purchasing-power-parity frame, in which the equilibrium nominal rate tracks the ratio of national price levels and persistent deviations signal real misalignment (Cassel 1918). The absolute and relative versions of that parity are set out under a homogeneity postulate (Officer 1976; Frenkel 1978), which determines whether a given index move reflects inflation differentials or a genuine real shift. Single-price arbitrage forms the basis of that valuation (Isard 1977). Such deviations mean-revert slowly over three to five years (Rogoff 1996), and their structural component is attributed to Balassa-Samuelson productivity differences rather than to monetary factors (Dornbusch 1987).

As a trade-weighted aggregate the index inherits the competitiveness interpretation (Hirsch and Higgins 1970; Rhomberg 1976), where a higher dollar erodes US external competitiveness across the weighted basket. The weight derivation is traced to a general-equilibrium model of traded goods (Black 1976) and to origin-differentiated demand elasticities (Armington 1969). Because the economic meaning of any such level depends on the base period and deflator (Maciejewski 1983), the nominal series is best read alongside, not in place of, a price-adjusted measure.

## Applications in Financial Markets

In market use the broad dollar index functions as a single barometer of the dollar's external value, and the named-author lineage that defines it fixes exactly what a trader is pricing when the index moves. That lineage runs from the trade-weighted construction (Pauls 1987; Loretan 2005) to the weighting updates (Bayoumi, Lee, and Jayanthi 2006; Klau and Fung 2006). Valuation against the index rests on the parity benchmark and the relative-PPP form (Cassel 1918; Frenkel 1978; Officer 1976), since a level far above its price-level anchor flags a rich dollar whose eventual mean reversion is a slow process (Rogoff 1996).

The competitiveness reading links a stronger dollar to weaker exporter earnings across the weighted partner set (Hirsch and Higgins 1970; Rhomberg 1976), an effect whose weights trace through the elasticity frameworks (Black 1976; Armington 1969). For cross-asset positioning the geometric trade weights (Turner and Van 't dack 1993) and conceptual cautions (Maciejewski 1983; Dornbusch 1987) warn that the same index level carries different financial meaning depending on the base period and on whether the Balassa-Samuelson structural component is treated as permanent.

## Statistical Tests

On the 5,121 daily observations spanning 2006-01-02 to 2026-06-05, fit with a constant and trend, the unit-root battery agrees that the broad trade-weighted US dollar index is integrated of order one. The augmented Dickey-Fuller test of Dickey and Fuller (1979), in the ARMA-consistent lag-augmented form of Said and Dickey (1984) and with lag length set as in Ng and Perron (2001), does not reject a unit root with p = 0.1706, the nonparametric Phillips and Perron (1988) test concurs with p = 0.1444, and the Kwiatkowski et al. (1992) stationarity test rejects its trend-stationary null at p < 0.01, so the verdict is an unambiguous I(1). The GLS-detrended power escalation of Elliott, Rothenberg, and Stock (1996) is reserved for ambiguous outcomes under the house protocol and is not required on this clean reading.

Because the level is integrated, the mean-shift and serial-correlation diagnostics are run on the first difference, the stationary object those procedures require, since a break search or a portmanteau on an integrated level would spuriously segment and read near-unit autocorrelations (Bai and Perron 1998; Perron 1989). The multiple-break procedure of Bai and Perron (1998), computed by the dynamic-programming algorithm of Bai and Perron (2003), finds no break in the mean of the differenced series, consistent with the parameter-instability inference of Andrews (1993). The Ljung and Box (1978) portmanteau statistic, refining the original Box and Pierce (1970) form, is computed on the first difference and rejects the white-noise null at lags 10 and 20, with Q = 28.15 and Q = 47.54 and p = 0.002 and p = 0.000, and the automatic portmanteau test of Escanciano and Lobato (2009) does not detect further dependence with a statistic of 3.53 at p = 0.060.

The series is daily and has no low-integer seasonal period, so the seasonal-unit-root machinery of Hylleberg et al. (1990) and the Canova and Hansen (1995) seasonal-stationarity test are inapplicable and are deliberately not run, the degeneracy of the seasonal auxiliary regression at a daily period being the standard ground (Beaulieu and Miron 1992; Ghysels and Osborn 2001).

## Frequently Asked Questions

### What does the broad dollar index represent?

A trade-weighted index of the United States dollar against a broad set of partner currencies, carried through as published.

### How does the broad dollar index differ from a single currency pair?

A bilateral rate also moves for reasons on the counterpart side. A broad index extracts only the variation common to the dollar itself, which is what matters when reading global dollar funding conditions.

### What does a rising broad dollar index mean?

The dollar has appreciated against the basket as a whole, though it may have depreciated against individual currencies within it.