The dollar has had a split year. It bought more euros, Mexican pesos, rupees and Philippine pesos at the end of October than when 2026 began, but fewer yuan, won and Australian dollars, and its average across US trading partners barely moved. This review computes the year-to-date change from European Central Bank reference rates for December 31, 2025 and October 30, 2026, the latest available on November 2, and checks it against the Federal Reserve's broad dollar index. For the ten-year picture, see our study of the US dollar against world currencies; for every corridor and transfer guide, start at the money transfer hub.
How much has the dollar moved in 2026?
Against most currencies it rose, but not by much on average: the Fed's broad dollar index was 1.3% higher on October 23 than on December 31, 2025.
The index stood at 119.75 at the end of 2025 and 121.32 on October 23, the latest reading published when this review was checked on November 2. Its 2026 low was 117.44 on January 29 and its high 122.00 on October 14. That small rise follows a large fall: the index dropped about 7.5% during 2025, from 129.46 on January 2 to 119.75 on December 31.
Single currencies tell a wider story. On ECB reference rates, a dollar bought more of 20 of the 29 currencies quoted on October 30 than on December 31 and less of 9, with two of them, the Hungarian forint and the Malaysian ringgit, moving by less than 0.1%. The table shows a selection; a positive change means one dollar buys more of that currency.
| Currency | Units per $1, Dec. 31, 2025 | Units per $1, Oct. 30, 2026 | Dollar's change |
|---|---|---|---|
| Turkish lira | 42.965 | 49.948 | +16.3% |
| Indonesian rupiah | 16,716 | 18,148 | +8.6% |
| Philippine peso | 58.95 | 63.68 | +8.0% |
| Indian rupee | 89.87 | 94.95 | +5.7% |
| Mexican peso | 17.9728 | 18.9080 | +5.2% |
| Euro | 0.8511 | 0.8951 | +5.2% |
| Swiss franc | 0.7927 | 0.8229 | +3.8% |
| Canadian dollar | 1.3692 | 1.3969 | +2.0% |
| British pound | 0.7426 | 0.7463 | +0.5% |
| Japanese yen | 156.67 | 157.25 | +0.4% |
| Brazilian real | 5.4778 | 5.4325 | −0.8% |
| Australian dollar | 1.4963 | 1.4236 | −4.9% |
| Chinese yuan | 7.0010 | 6.6529 | −5.0% |
| South Korean won | 1,444.20 | 1,335.27 | −7.5% |
| Norwegian krone | 10.0791 | 9.2302 | −8.4% |
ECB euro reference rates converted to a dollar base through the Frankfurter API, retrieved November 2, 2026; changes use unrounded rates.
Why did the index move so little? It weights currencies by US trade, and the dollar's biggest partners pulled in opposite directions. Its 5.2% gains on the euro and the Mexican peso and 2.0% on the Canadian dollar were partly offset by its 5.0% fall against the yuan, and the won's 7.5% rise pushed the same way. The dollar study lists the index's weights.
What moved the dollar in 2026?
Mostly interest rates, energy prices and official action, each visible on specific dates in the data.
March: war and oil. The US-Israel war with Iran began in late February and sent oil prices sharply higher. Reuters reported on March 31 that the dollar was on track for its best month since July, helped by demand for safe assets and by the US position as a net energy exporter. The broad index rose 2.7% in March, from 117.82 to 121.03.
June and September: a firmer Fed. The Fed's June 17 meeting left rates at 3.50% to 3.75%, yet the projections released with it lifted the median expected rate for the end of 2026 to 3.8%, from 3.4% three months earlier. The broad index rose 0.8% on the next day's reading. A quarter-point increase followed on September 16, leaving the range at 3.75% to 4.00% after the October 28 meeting. Higher US rates raise what dollar deposits and Treasury bills pay against assets in other currencies, which tends to support the dollar.
July: Japan defends the yen. A dollar bought 163.91 yen on July 28, the yen's weakest reference rate of the year and, by Reuters' account, a 40-year low. On July 31, Japan's Finance Ministry and the US Treasury bought yen together, a rare joint intervention, and by August 3 a dollar bought 156.68 yen, 3.8% fewer than on July 30. On August 30, Treasury Secretary Scott Bessent again backed Japan's steps "to address the substantial undervaluation of the yen." The Bank of Japan raised its policy rate to about 1.25% on September 18, yet the dollar rose 1.4% against the yen in that day's reference rate.
August: a Treasury move. The Treasury announced on August 19 that its buyback operations in 10- to 30-year bonds would grow to at least $4 billion each, from $2 billion. Bloomberg reported that yields and the dollar fell, and the broad index slipped 0.8% between August 18 and August 21. The Mexican peso reached its strongest reference rate of the year, 16.898 per dollar, on August 21. The same week, bitcoin posted its biggest weekly gain of 2026, as our review of bitcoin's year describes.
September and October: the peso's slide. With the Fed raising and Banco de México holding at 6.50% on September 24, after cuts in March and May, the gap between the two countries' policy rates narrowed. Commerzbank analysts also pointed to a postponed round of USMCA trade talks as a possible factor. A dollar bought 6.6% more pesos in September alone, and 11.9% more on October 30 than on August 21.
All year: Europe's energy shock. The ECB raised its deposit rate to 2.25% from June 17 and to 2.50% from September 16, yet the euro still lost ground. When it held rates on October 29, it said energy prices had continued to rise, posing upside risks to the inflation outlook and downside risks to growth. That day the euro's reference rate was its weakest of 2026, at about $1.113.
Which currencies gained on the dollar, and which fell furthest?
Nine of the 29 ECB currencies ended October 30 stronger against the dollar than they began the year, led by the Norwegian krone and the South Korean won.
The krone gained 8.4% and the won 7.5%, and the won took the more dramatic route: a dollar bought as many as 1,558.09 won on July 1 and 14.3% fewer by October 30. The yuan firmed in most months, with a dollar buying fewer yuan at 8 of the 10 month ends of 2026 than at the one before. The Australian dollar rose 4.9%, and the Icelandic króna, Israeli shekel, Brazilian real and Singapore dollar posted smaller gains.
At the other end, the dollar gained 16.3% on the Turkish lira, 8.6% on the Indonesian rupiah, 8.0% on the Philippine peso, 6.5% on the Thai baht and 5.7% on the Indian rupee. The rupee's weakest reference rate of the year was 96.83 per dollar, on May 20, and the Philippine peso's was 63.994, on October 27. In Central Europe, the dollar gained 10.3% on the Romanian leu and 9.7% on the Polish złoty, more than on the euro.
What does the dollar's 2026 move mean for people sending money abroad?
A dollar sent to Mexico, India or the Philippines on October 30 converted into more local currency than at the start of 2026, but timing mattered more.
Worked example: $400 a month to Mexico in 2026
At the December 31, 2025 reference rate of 17.9728 pesos, $400 converted into about 7,189 pesos. At the October 30 rate of 18.908, the same $400 came to about 7,563 pesos, 374 more. A sender who converted on August 21, when the peso was at its strongest of the year at 16.898, got only about 6,759. A provider rate 1% worse than mid-market would have cost about 76 pesos on the October 30 amount, and a 3% markup about 227.
The same arithmetic favored India and the Philippines: $1,000 converted into about ₹94,950 on October 30 against ₹89,870 at the start of the year, and $300 into about 19,104 Philippine pesos against 17,685. Recipients do not keep all of that gain, because prices rise too. Banco de México's September 24 statement put Mexican headline inflation at 3.42% in the first half of September, so part of the extra pesos only covers higher prices.
The tables below use today's mid-market rates from live feeds, so they will differ from the October 30 reference rates above.
| You send | At the mid-market rate | With a 1% markup | With a 3% markup |
|---|---|---|---|
| $200 | MX$3,761 | MX$3,723 | MX$3,648 |
| $400 | MX$7,522 | MX$7,447 | MX$7,296 |
| $1,000 | MX$18,805 | MX$18,617 | MX$18,241 |
| You send | At the mid-market rate | With a 1% markup | With a 3% markup |
|---|---|---|---|
| $200 | ₹18,981 | ₹18,791 | ₹18,412 |
| $500 | ₹47,453 | ₹46,978 | ₹46,029 |
| $1,000 | ₹94,905 | ₹93,956 | ₹92,058 |
Over a few weeks, the fee and the markup usually cost a sender more than currency swings do. Exchange rate markups breaks down how providers price currency, the mid-market exchange rate guide defines the rate quotes should be compared against, and the money transfer cost calculator adds fee and markup into one total. Corridor guides cover sending to Mexico, India and the Philippines.
What does the dollar's 2026 move mean for travel?
The euro area got cheaper for dollar spenders this year, Japan cost about the same, and South Korea, China, Australia and Norway got dearer.
Worked example: Pricing the same trip in three currencies
A €2,000 budget cost about $2,350 at the December 31, 2025 reference rate and about $2,234 on October 30, a saving of about $116, or 4.9%. The dollar bought 5.2% more euros, but a euro cost 4.9% fewer dollars; the two figures describe the same move from opposite sides. A ¥300,000 budget cost about $1,915 at the start of the year, $1,908 on October 30 and about $1,830 at the July 28 extreme. A ₩2,000,000 budget rose from about $1,385 to $1,498, an increase of 8.2%.
| You send | At the mid-market rate | With a 1% markup | With a 3% markup |
|---|---|---|---|
| $500 | €447.00 | €442.53 | €433.59 |
| $1,000 | €894.00 | €885.06 | €867.18 |
| $2,000 | €1,788 | €1,770 | €1,734 |
Cards, banks and airport exchange desks price currency off market rates with their own margins and fees, so travelers get somewhat less than the mid-market figure. The dollar to euro converter and dollar to yen converter show other amounts, and the guide to sending money from the US to Europe covers paying a euro account from the US.
What do these exchange-rate figures leave out?
Reference rates are a benchmark, not a price anyone can deal at, and the year-to-date change depends on the two dates chosen.
- The ECB publishes its rates once each business day for information; banks and transfer services quote their own.
- The broad index runs a week behind, with October 23 the latest reading here, and the Fed revises its trade weights each year.
- More pesos or rupees do not mean more spending power if prices in that country rise faster than the currency falls.
- Measured from August 21 rather than December 31, the dollar's gain against the peso was 11.9% instead of 5.2%.
- Exchange rates are hard to forecast, and nothing here says where the dollar goes next.
Businesses that pay or invoice in other currencies face the same swings at larger scale; FX risk for small businesses covers the ways firms manage them.