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    By Volodymyr Kravchenko Updated

    DXY · Dollar · Central banks

    US Dollar Index (DXY)

    What the dollar index measures, why the euro dominates it, and how it relates to gold, oil and forex.

    EUR/USDGold vs DXYMacro hub

    The US Dollar Index (DXY), published by ICE, measures the US dollar against six currencies: the euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc. The euro carries a 57.6% weight, so DXY is largely a EUR/USD gauge. It is a quick read on broad dollar strength, not a complete measure of it.

    3D illustration of a glass coin on a balance scale, standing for the US dollar Marlin Score. Illustration, not data. Marlin Score US Dollar Marlin Score Yields, the euro rate gap, risk and positioning in one number. Open the score

    Funded account

    Release day on a prop account

    FTMO's FAQ lists these among its restricted events on Standard FTMO Accounts: no opening or closing trades 2 minutes either side.

    • NFP

      Fri 6 Nov 2026 · 8:30 a.m. ET

      ±2 min: 08:28–08:32 ET

      13:28–13:32 UTC

    • CPI

      Tue 10 Nov 2026 · 8:30 a.m. ET

      ±2 min: 08:28–08:32 ET

      13:28–13:32 UTC

    • FOMC rate decision

      Wed 9 Dec 2026 · 2:00 p.m. ET

      ±2 min: 13:58–14:02 ET

      18:58–19:02 UTC

    Compare news rulesAdExplore FTMO

    Times from the official release calendar; FTMO's own calendar decides which events count. Rules read 23 Sep 2026; they change: VERIFY CURRENT DATA on FTMO's page. Affiliate link: Marlin may earn a commission at no extra cost to you. Evaluation programmes carry fees and outcomes are not guaranteed. Educational, not a trading signal. Affiliate disclosure.

    Live chart

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    Live dollar index chart (Capital.com quote) powered by TradingView. The level can differ slightly from ICE's official DXY. Open the DXY on TradingView.

    What moves US Dollar Index (DXY)

    The euro dominates

    With 57.6% of the index in euros, EUR/USD explains most of DXY's day-to-day movement. A DXY chart is, to a large degree, an inverted EUR/USD chart.

    Fed versus other central banks

    Relative policy expectations between the Federal Reserve (FOMC) and the ECB, Bank of Japan, Bank of England and others tend to influence the currencies in the basket. The ECB's Governing Council sets three key rates; the FOMC holds eight scheduled meetings a year.

    Data surprises

    US inflation, jobs and growth releases matter mainly through how they compare with expectations and what they imply for policy, not through the raw number.

    Risk sentiment

    In stress the dollar is often sought after, though the yen and Swiss franc, both in the basket, can also strengthen. The direction of DXY in a shock is therefore not always clear-cut.

    How US Dollar Index (DXY) relates to other markets

    These are tendencies observed in market data, not rules. They can weaken or reverse, especially during risk events.

    • EUR/USD Mechanically close and inverse, because the euro is 57.6% of DXY.
    • Gold (XAU/USD) Often moves in the opposite direction, but the link is a tendency and can break in risk events.
    • Oil (WTI, Brent) Oil is dollar-priced, so the dollar is a background factor; supply and demand usually dominate.
    • Broad dollar index (Fed) A separate, wider trade-weighted index. The two can differ because their baskets differ.

    Where to check the current state

    Marlin does not print prices or levels here, because they go stale. Use the live chart above and these official sources. Sources last checked .

    What could change this view

    • A sharp move in EUR/USD alone can shift DXY, even when the dollar is flat against the other five currencies.
    • If gold and DXY start rising together, the risk-and-uncertainty factor may be dominating the usual inverse link.
    • DXY understates dollar moves against currencies outside its basket; check a broader index before calling a broad dollar trend.

    Related to US Dollar Index (DXY)

    Frequently asked questions

    What is the US Dollar Index (DXY)?

    DXY is ICE's index of the US dollar against six currencies: euro, yen, pound, Canadian dollar, Swedish krona and Swiss franc. It is a geometric average, measured relative to March 1973.

    Why is DXY mostly about the euro?

    The euro's weight is 57.6%, more than the other five currencies combined. Moves in EUR/USD therefore account for most of the index's movement.

    Is DXY the same as the Federal Reserve's dollar index?

    No. The Fed publishes a separate broad trade-weighted index (on FRED as DTWEXBGS) that uses a wider basket, so the two can diverge.

    Does a rising DXY always mean gold falls?

    No. The inverse relationship is a common tendency, not a fixed rule, and it can break during risk events or when other factors dominate.

    How this page was prepared

    Composition and weights are quoted from ICE's official FAQ. Relationships to other markets are Marlin analysis and are described as tendencies. No index level is shown; use the live chart. Anything that could not be verified against a current official source is marked VERIFY CURRENT DATA. Read the full methodology and editorial policy.

    Sources (6)

    Show

    Official or primary sources used for the facts above. Figures and terms change, so check the source before acting on them.

    1. ICE (Intercontinental Exchange) — U.S. Dollar Index Contracts — FAQDefines the index, its six currencies and weights, and its single historical adjustment.Accessed
    2. Board of Governors of the Federal Reserve System (via FRED) — Nominal Broad U.S. Dollar Index (DTWEXBGS)A separate, broader trade-weighted dollar index (Jan 2006 = 100).Accessed
    3. Federal Reserve — Federal Open Market CommitteeRole of the FOMC; eight regularly scheduled meetings per year.Accessed
    4. Federal Reserve — FOMC meeting calendars and informationOfficial schedule of FOMC meetings.Accessed
    5. European Central Bank — Key ECB interest ratesThe Governing Council sets the ECB's three key interest rates.Accessed
    6. Bank for International Settlements — OTC foreign exchange turnover in April 2025Triennial Central Bank Survey; published 30 September 2025.Accessed

    This content is provided for educational purposes only and is not investment advice. Trading involves risk, and past performance does not guarantee future results. Affiliate relationships may exist. Always conduct your own independent research before making financial decisions.

    AdChart the dollar against gold and oil

    Overlay DXY on XAU/USD or crude in TradingView to test the relationships yourself.

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