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Exchange Rates and U.S. Prices


Between October 1980 and November 1982, the U.S. dollar appreciated substantially in foreign-exchange markets. Relative to the major currencies, the advance of the dollar ranged from 5 percent against the Canadian dollar to 69 percent against the French franc. On a trade-weighted average basis against 10 key currencies, the dollar appreciated 40 percent, fully offsetting its depreciation during the preceding decade. While the dollar has given up only a fraction of its trade-weighted advance since November 1982, many exchange-market analysts anticipate a further depreciation in the near future.

Between October 1980 and November 1982, the U.S. dollar appreciated substantially in foreign-exchange markets. Relative to the major currencies, the advance of the dollar ranged from 5 percent against the Canadian dollar to 69 percent against the French franc. On a trade-weighted average basis against 10 key currencies, the dollar appreciated 40 percent, fully offsetting its depreciation during the preceding decade. While the dollar has given up only a fraction of its trade-weighted advance since November 1982, many exchange-market analysts anticipate a further depreciation in the near future.


Suggested citation: Anderson, Gerald H., and Owen F. Humpage, 1983. “Economic Outlook for 1983,” Federal Reserve Bank of Cleveland, Economic Commentary, 04.18.1983.

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