What Is the Difference Between the DXY and the Fed's Broad Dollar Index?
Direct answer
DXY vs broad dollar
The DXY is ICE's US Dollar Index: a geometric average of the dollar against six currencies with weights fixed since the euro replaced its predecessors in 1999, so the euro alone is 57.6%. The Federal Reserve's nominal broad dollar index measures the dollar against 26 currencies weighted by US trade, with weights revised every year; for 2026, the euro area is 21.0%, Mexico 14.8%, Canada 12.8% and China 10.9%. The DXY has no Mexican peso, Chinese yuan or other emerging currencies, so the two can disagree. The Fed's broad index peaked on January 13, 2025 at 130.04 and was 121.88 on November 6, 2026.
- DXY: 6 currencies, fixed weights: EUR 57.6%, JPY 13.6%, GBP 11.9%, CAD 9.1%, SEK 4.2%, CHF 3.6% (ICE)
- Fed broad: 26 currencies, trade weights revised yearly
- 2026 Fed weights: euro area 21.0%, Mexico 14.8%, Canada 12.8%, China 10.9%, Japan 5.2%
- Broad index: 130.04 peak (Jan 13, 2025) → 121.88 (Nov 6, 2026)
- The Fed also splits it into advanced (AFE) and emerging (EME) indexes
"The dollar is up" is ambiguous: up against what? Traders quote the DXY, economists quote the Fed's broad index, and in some years they tell different stories.
What people on X are asking
In February 2025 a well-known macro account compared the two: the Fed's trade-weighted index, "26 currencies weighted by trade (Canada/Mexico have big weightings)", was "going straight up", while the DXY, "6 currencies, with the Euro weighting at 57%", went sideways. An August 2024 post said the DXY is "considered somewhat outdated, as it primarily focuses on Euro-based" currencies. And in December 2025 a widely read account noted that the Fed's real broad dollar index was "near its highest level in 40 years". Here are the official definitions.
What people in the thread said
- @BlackthorneAI made the key point: whether the dollar looks strong or weak depends on which index you pick. @1nspector_cat added that a trade-weighted dollar staying high while the DXY falls says the currencies outside the DXY basket have been weaker. Both match the comparison table below.
- @simon_reseke said the broader dollar still comes down to rate spreads and capital flows, a reasonable summary of the main drivers rather than a forecast.
These are community comments, summarised in our words; the data and sources below come first.
The fact-checked answer
The DXY. ICE's methodology describes the US Dollar Index as measuring the dollar against "the top six trading partners of the United States, as measured in 1973". ICE's futures FAQ says it is a geometric average and that the euro replaced five European currencies in 1999; since then the composition has not changed.
The broad index. The Federal Reserve's H.10 page publishes trade weights for the broad index of the foreign exchange value of the dollar, recalculated every year from US trade; the 2026 weights apply from February 2, 2026. It covers 26 currencies (the euro area counts as one). The Fed also publishes sub-indexes for advanced foreign economies (AFE) and emerging market economies (EME).
Weights: ICE DXY vs Fed broad index (2026)
DXY weights from ICE's methodology and futures FAQ. Fed weights from the H.10 currency weights page (as of February 2, 2026); "others" is 100% minus the rows shown. Exact figures: UK 5.246%, Japan 5.182%. Tap a column header to sort.
| Euro | 57.6% | 21.0% |
| Mexican peso | – | 14.8% |
| Canadian dollar | 9.1% | 12.8% |
| Chinese yuan | – | 10.9% |
| British pound | 11.9% | 5.2% |
| Japanese yen | 13.6% | 5.2% |
| Korean won | – | 3.6% |
| Indian rupee | – | 3.4% |
| Swiss franc | 3.6% | 3.0% |
| Taiwan dollar | – | 3.0% |
| Swedish krona | 4.2% | 0.6% |
| Others (15 currencies) | – | 16.5% |
Why they diverge. Over half of the DXY is EUR/USD, so it largely tracks the euro. The broad index gives emerging currencies, especially the peso and yuan, much more weight. When the peso or yuan move differently from the euro, the two indexes split. The Fed's AFE and EME sub-indexes show this directly: on FRED, from January 3, 2022 to October 31, 2022 the AFE index rose from 108.07 to 122.76 (+13.6%) and the EME index from 124.55 to 134.28 (+7.8%). Strength against rich-country currencies was almost twice as large as against emerging ones in that period.
UXS chart
Fed dollar indexes: broad, advanced and emerging economies
Broad (26 currencies): latest
121.88
November 6, 2026
Advanced foreign economies: latest
114.86
November 6, 2026
Emerging market economies: latest
130.77
November 6, 2026
Year by year: Broad (26 currencies)
Computed by UXS from the same data as the chart. Tap a column header to sort. * = year to date (latest data November 6, 2026).
| 2026* | 121.88 | +1.8% | 122.00 | 117.44 | 114.86 | 130.77 |
| 2025 | 119.75 | -7.4% | 130.04 | 119.13 | 111.19 | 130.34 |
| 2024 | 129.28 | +9.2% | 129.28 | 119.25 | 121.27 | 139.34 |
| 2023 | 118.42 | -2.5% | 124.01 | 117.03 | 112.73 | 125.84 |
| 2022 | 121.43 | +5.3% | 128.45 | 114.18 | 115.61 | 129.01 |
| 2021 | 115.28 | +3.6% | 116.58 | 110.50 | 107.90 | 124.46 |
| 2020 | 111.32 | -2.9% | 126.13 | 111.22 | 102.58 | 121.90 |
| 2019 | 114.67 | -0.8% | 118.31 | 113.55 | 108.73 | 122.17 |
| 2018 | 115.57 | +5.0% | 116.90 | 106.49 | 109.96 | 122.71 |
| 2017 | 110.08 | -7.0% | 119.09 | 107.81 | 104.59 | 117.04 |
Recent readings. The broad index peaked at 130.04 on January 13, 2025, the highest since its 2006 start in FRED's data, and was 121.88 on November 6, 2026, about 6% lower. The AFE index was 114.86 and the EME index 130.77 on that date.
Nominal vs real. The December 2025 "40-year high" refers to the Fed's real broad index, which adjusts for inflation differences and has a longer history. The nominal index we chart here starts in 2006, so it cannot confirm or refute a 40-year comparison by itself.
Which to use. For trading EUR/USD, USD/JPY or dollar futures, the DXY is the relevant benchmark because the futures contract is built on it. For the dollar's effect on US trade, inflation or emerging markets, the broad index is more representative.
We test the broad index against crises in does the dollar smile theory still work.
Decision helper
| Question | Better index |
|---|---|
| What does "the dollar" do in markets today? | DXY (most quoted, futures exist) |
| Effect on US import prices and trade | Fed broad |
| Pressure on emerging markets | Fed EME |
| Moves driven by the euro | DXY |
For what drives the DXY itself, see what moves the US dollar index; for its biggest component, how many times EUR/USD has traded below parity; and for the peso, why the Mexican peso swings so much.
Common mistakes
- Treating the DXY as "the dollar against the world".
- Comparing index levels across indexes; their bases differ.
- Mixing nominal and real indexes.
- Forgetting the Fed reweights its index every year.
FAQ
How many currencies are in the DXY?
Six: euro, yen, pound, Canadian dollar, Swedish krona and Swiss franc.
How many currencies are in the Fed's broad index?
26, weighted by US trade.
Why is the euro 57.6% of the DXY?
The weights were fixed on 1973 trade patterns, and the euro took over five European currencies' share in 1999.
Does the DXY include the Chinese yuan?
No. In the Fed's 2026 broad weights the yuan is 10.9%.
Which index is better?
The DXY for market trading; the broad index for trade and economic effects.
Where can I get the broad index data?
FRED publishes it daily as DTWEXBGS.
Sources
- ICE: FX index methodology (DXY)
- ICE: US Dollar Index futures FAQ
- Federal Reserve: H.10 currency weights
- FRED: Nominal broad US dollar index (DTWEXBGS)
- FRED: Nominal emerging market economies dollar index (DTWEXEMEGS)
Facts checked November 10, 2026. X posts are cited as evidence of the question, not of the answer.