USD vs World Exchange Rates Report for March 27 – March 31

By Luke Brown, Quinnipiac Global Economics Research Team

USD vs World Currencies Index

Source: Yahoo Finance and own calculations. Exchange rates are inverted to be USD per local currency (i.e., an increase indicates a stronger domestic currency) and then indexed to be 100 at the start of the period.

For the week of March 27 – March 31, 2023, all global currencies strengthened relative to the USD except for the Japanese yen (maroon). The yen experienced an approximate 1.75% decline in strength relative the USD. The Canadian dollar (red) saw the largest increase finishing the week up nearly 1.5%, as it rose consistently throughout the week. All other currencies including the British pound (green), Euro (blue), and Australian dollar (gray) saw similar strengthening throughout the week ending up approximately 1.8%, 1.6%, and 1.5%, respectively.

USD vs World Historical Trends

Source: Yahoo Finance and own calculations. Exchange rates are inverted to be USD per local currency (i.e., an increase indicates a stronger domestic currency). The center line is a rolling three-month average. The upper and lower boundaries are the average plus and average minus one standard deviation, respectively, for the same three-month period.

For the week of March 27 – March 31, 2023, continuation of the recent two weeks long strengthening continued for most currencies. The Euro (EUR) and British pound (GBP) followed their recent path and each currently sit slightly more than one standard deviation above their respective three-month rolling averages. The Canadian dollar (CAD), after sitting two standard deviations below its average earlier in the month, has returned to its average this week. The Australian dollar (AUD) which, similar to the CAD, sat two standard deviations below its a few weeks ago, has been hovering around one standard deviation below its average for the past two weeks. The Japanese yen (JPY) saw a dip this week after showing strength the past few weeks. It currently sits just below its three-month rolling average.