03 · MER Dollar Index

MER Dollar Index

Data through September 4, 2026 · 100 = January 2026 · a value for every US business day; the underlying rates publish with a few days' lag
This version built 2026-09-14 02:11 UTC
MER Dollar Index
100.1
Sep 4, 2026
One month
-1.4%
change in the index
Twelve months
-2.2%
change in the index
Developed leg
+0.2%
twelve-month change
Emerging leg
-5.6%
twelve-month change
Largest 12-month move
-10.3%
dollar vs ZAR · of the 19 shown
Range From To Shaded = NBER recession
Scroll to zoom, drag to slide through time, on any panel including the component grid · hold the middle mouse button (or Shift) and drag to select a window · 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, drag one sideways to slide through time · 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
Week to Sep 4, 2026: dollar -0.64% · developed -0.44% · emerging -0.93%

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 36% against the emerging leg and 9% 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

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
Sources & methods The MER Dollar Index is computed by Macro Edge Research from official New York noon exchange-rate fixings and market closing rates, 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 currency-by-currency table is public bilateral rates and includes currencies the index does not use. · Forecasts and track record → · Disclaimer