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New summary measures of the foreign exchange value of the dollar

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  • Michael P. Leahy

Abstract

The multilateral trade-weighted index of the foreign exchange value of the U.S. dollar against the currencies of the other countries in the Group of Ten (G-10), developed at the Federal Reserve Board in 1971, has played an important role in staff analysis of foreign influences on the U.S. economy for more than twenty-five years. However, changes in international trading relationships and in the structure of international financial markets have led to increased interest in the currencies of U.S. trading partners outside the G-10 countries. Furthermore, the establishment of the European Economic and Monetary Union (EMU) is bringing about significant changes inside the G-10 countries, with the euro, which will be introduced in January 1999, ultimately replacing five of the G-10 currencies. As a result, members of the Board's staff have developed several new indexes of the dollar's overall foreign exchange value.

Suggested Citation

  • Michael P. Leahy, 1998. "New summary measures of the foreign exchange value of the dollar," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Oct, pages 811-818.
  • Handle: RePEc:fip:fedgrb:y:1998:i:oct:p:811-818:n:v.84no.10
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    File URL: http://www.federalreserve.gov/pubs/bulletin/1998/1098lead.pdf
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    Keywords

    Foreign exchange;

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