The appreciation of the US dollar has pushed up the euro-to-dollar exchange rate depreciation, putting pressure on various major currencies.

According to ChainCatcher, the US dollar index surged 0.67% in early February, closing at 97.635, hitting a recent high. During this dollar appreciation wave, the euro was the most affected. The euro exchanged for US dollars dropped from 1.1865 to 1.1783, a significant decline, reflecting the dollar’s strong position relative to other major reserve currencies.

Euro and British Pound Both Decline, Euro’s Drop in USD Exchange Rate Leads

As the euro depreciated, the British pound also came under pressure. The GBP/USD exchange rate fell from 1.3696 to 1.3651, though the decline was less severe than the euro’s, indicating widespread dollar strengthening. Notably, the euro’s decline against the dollar was the most pronounced among major developed market currencies, highlighting the dollar’s dominant position in the international foreign exchange market.

Japanese Yen, Swiss Franc, and Canadian Dollar Generally Appreciate; Dollar Uptrend Has Become a Consensus

In contrast to the euro and pound, the Japanese yen, Swiss franc, and Canadian dollar all appreciated against the dollar. The yen rose from 154.56 to 155.71 (USD/JPY), the Swiss franc from 0.7722 to 0.7809, and the Canadian dollar from 1.3602 to 1.3698. The appreciation of these non-US currencies, driven by the dollar’s strength, further confirms the market consensus that the dollar’s uptrend is underway. The Swedish krona also advanced from 8.8927 to 8.978, further affirming the dollar appreciation trend.