Short answer: about average, after a strong September and a soft October. Over the 12 months to 30 October 2026 the US dollar is up 0.9% against a basket of 15 other major currencies, which puts it 6th of 16. In mid-October it was 4th and up 1.6%.
Part of the rally that followed the Federal Reserve's first rate hike since 2023 has faded. The dollar peaked against the basket on 7 October and lost 1.0% from there to the end of the month, and on 28 October the Fed left rates unchanged.
From 4th to 6th in October
The dollar's 12-month rank climbed through late summer, from 7th at the end of August to 4th at the end of September, and it held 4th until mid-October. In the second half of the month the British pound and the Canadian dollar moved ahead of it. Over October as a whole the dollar was almost flat, down 0.2% against the basket.
On 28 October the Fed held its target range at 3.75% to 4.00%. Two of the twelve voters, Governor Lisa Cook and Cleveland Fed President Beth Hammack, wanted another quarter-point hike. Chair Kevin Warsh didn't commit to a move in December, though futures still put the odds of one at about 85% after the meeting. The European Central Bank held the next day and the Bank of Japan the day after that, so the rate gaps that moved the dollar in September stayed where they were. Our October review covers the whole month.
Strong against the euro, behind five others
Most "strong dollar" coverage is really about one pair, usually EUR/USD, or about the DXY index, which is 57.6% euro by weight and contains just six currencies, four of them European. On that measure the dollar still looks strong. The euro had its worst month since 2020 in October and lost 1.6% against the dollar, and over 12 months it is down 3.3% against it. Most of that is about Europe rather than the US: the euro fell further against the Norwegian krone, the Swiss franc and the British pound than against the dollar.
Widen the frame to all 16 currencies and the picture is calmer. Five currencies did better than the dollar over the year: the Norwegian krone (+11.1%), the Australian dollar (+8.9%), the Hungarian forint (+3.8%), the British pound (+3.1%) and the Canadian dollar (+1.2%). The top three all pay more than the dollar, with policy rates of 4.50%, 4.60% and 5.50%, and none of them is in DXY. The krone also had oil on its side: Brent crude rose 13.6% in October.
So both statements hold at once: against the euro the dollar is strong, and against the full basket it is a mid-table currency.
The yen and the dollar: a stalemate
In September the yen was the best performer of the 16, but its gains against the dollar came early. Since 8 September it has lost 1.9% against the dollar, and in October the pair barely moved. Both central banks are on hold, the Fed at 3.75% to 4.00% and the Bank of Japan at 1.25%, after raising rates by the same quarter point in September, so the gap between them hasn't narrowed. The longer story is in why the yen has been so weak in 2026.
"Strong" for whom: three different questions
People searching for how strong the dollar is usually want one of three different answers:
- Will my trip abroad be cheaper? Then you want the dollar against the specific currency you'll be spending: USD vs EUR for Europe, USD vs JPY for Japan. In October the euro lost 1.6% against the dollar, while the yen was roughly unchanged.
- Are my dollar savings holding value? Then nominal strength is the wrong measure entirely. US consumer prices were up 3.7% on a year earlier in September, and once each currency is adjusted for its own inflation, the dollar's 12-month change shrinks to +0.2%, 8th of 16. The real strength mode on the dashboard shows the same adjustment for every currency in the basket.
- Is the dollar strong by historical standards? Not really. Over three years the dollar's index is down 4.9%, 12th of 16. The 2022-era "strongest dollar in 20 years" framing hasn't been current for a while, and one good autumn month didn't bring it back.
What would change the picture
The next decisions come close together again: the Fed on 9 December, the ECB on 17 December and the Bank of Japan on 18 December. After their October meetings, markets expected all three to raise rates again. If they move together, the rate gaps barely change, as in September. A Fed hike while the ECB or the BOJ holds would favour the dollar; the reverse would favour the euro and the yen. Oil is the other variable this autumn. The war with Iran has pushed Brent above $110 a barrel, which so far has helped energy exporters like Norway more than the dollar, while a broader risk-off shock would still send safe-haven money to the dollar faster than to anything else in the basket.
Check it yourself
The dollar's index updates every trading day. The USD strength page carries the current 1-month, 12-month, 3-year and inflation-adjusted figures with the live chart, and the worldwide dashboard shows where it sits against all 16.
Compare the dollar directly: EUR vs USD, GBP vs USD, USD vs JPY, or CAD vs USD.
This article is informational, not investment advice.