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The U.S. Dollar Index 美元指数

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What is the US Dollar Index?

If you’ve traded stocks, you’re probably familiar with all the indices available such as the Dow Jones Industrial Average (DJIA), NASDAQ Composite Index, Russell 2000, S&P 500, Wilshire 5000, and the Nimbus 2001. Oh wait, that last one is actually Harry Potter’s broomstick.

Well if U.S. stocks have an index, the U.S. dollar can’t be outdone. For currency traders, we have the U.S. Dollar Index (USDX).

The U.S. Dollar Index consists of a geometric weighted average of a basket of foreign currencies against the dollar.

Say whutttt!?! Okay before you fall asleep after that super geeky definition, let’s break it down.

It’s very similar to how the stock indices work in that it provides a general indication of the value of a basket of securities. Of course, the “securities” we’re talking about here are other major world currencies.

The US Dollar Index Currency Basket

The U.S. Dollar Index consists of six foreign currencies. They are the:

  • Euro (EUR)
  • Yen (JPY)
  • Pound (GBP)
  • Canadian dollar (CAD)
  • Krona (SEK)
  • Franc (CHF)

Here’s a trick question. If the index is made up of 6 currencies, how many countries are included?

If you answered “6”, you’re wrong.

If you answered “23”, you’re a genius!

There are 23 countries total, because there are 18 members of the European Union that have adopted the euro as their sole currency, plus the other five countries (Japan, Great Britain, Canada, Sweden, and Switzerland) and their accompanying currencies.

It’s obvious that 23 countries make up a small portion of the world but many other currencies follow the U.S. Dollar index very closely. This makes the USDX a pretty good tool for measuring the U.S. dollar’s global strength.

US Dollar Index Components

Now that we know what the basket of currencies is composed of, let’s get back to that “geometric weighted average” part. Because not every country is the same size, it’s only fair that each is given appropriate weights when calculating the U.S. dollar index. Check out the current weights:

Weights of each currency in the S Dollar Index

With its 17 countries, euros make up a big chunk of the U.S. Dollar Index. The next highest is the Japanese yen, which would make sense since Japan has one of the biggest economies in the world. The other four make up less than 30 percent of the USDX.

Here’s something interesting: When the euro falls, which way does the U.S. Dollar Index move?

The euro makes up such a huge portion of the U.S. Dollar Index, we might as well call this index the “Anti-Euro Index”. Because the USDX is so heavily influenced by the euro, people have looked for a more “balanced” dollar index. More on that later though. First, let’s go to the charts!

什么是美元指数?

      如果你曾进行过股票交易,你可能对这些指数,全部都很熟悉,比如道琼斯工业平均(DJIA)、纳斯达克综合指数、罗素2000小型股、标准普尔500、威尔希尔5000和光轮2001。哦。。。等等,最后一个其实是哈利波特的飞天扫帚。

      既然美国股市有一个指数,那么美元也不能示弱,应该有个指数。对于外汇交易者们,我们确实有一个美元指数(USDX)。

      美元指数是使用一篮子的其他货币,来对比美元的强弱情况。

      说什什什么!?!好吧,在你听着这些,超级学术味的字眼,要睡着之前,让我们对它逐一的解析吧。

      美元指数的运作,非常类似于股票指数,因为它为一篮子的股票价格,提供了一个市场平均的股票价格水平。当然,我们所说的“股票”,在这里就是指世界上的主要货币。

一个大篮子

       美元指数是由种主要货币组成。它们是:

         ● 欧元(EUR)
         ● 日元(JPY)
         ● 英镑(GBP)
         ● 加元(CAD)
         ● 克郎(SEK)
         ● 瑞士法郎(CHF)

       这里有一个含有圈套的问题。如果这指数是由6种货币组成,那么它包含了多少个国家?

       如果你回答“6”,那你就错了。

       如果你回答“21”,你真是个天才啊!

       总共有21个国家,因为欧洲联盟由16名成员国组成,采用欧元作为他们的主要货币,然后再加上其他五个国家(日本,英国,加拿大,瑞典和瑞士),以及和欧盟随行的其他货币。

       很明显的,21个国家只占了世界的很小的部分,但其它许多国家的货币都紧跟随着美元指数一起波动。这使得美元指数成为,用来衡量美元在全球汇率的影响力,一个相当不错的工具。

美元指数的成分

       现在我们知道组成一篮子的主要货币有哪些了,让我们再回到“几何平均加权值”的这一部分上吧。因为不是每个国家的经济都是相同的规模,它唯一公平的方法是,在计算美元指数时,给每一个国家适当的权重。让我们看看目前的权重比例:

       凭着其16个国家,欧元构成了美元指数的一大块。第二大块的是日元,这意味着日本是世界上最大的经济体之一。其他四块加起来,还不足美元指数的30%。

       这里有一些有趣的事:当欧元下跌时,美元指数将往哪个方向移动呢?

       欧元构成了美元指数的如此庞大一部分,所以我们不妨把美元指数也称为“反欧元指数”。由于美元指数是如此深受欧元的影响,所以人们纷纷寻找一个更加“平衡”的美元指数。接下来的课程,我们会进一步学习它。首先,让我们来看看图表!

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