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Economic Commentary

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.

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Anderson, Gerald, and Owen F. Humpage. 1983. “Exchange Rates and U.S. Prices.” Federal Reserve Bank of Cleveland, Economic Commentary 4/18/1983.

This work by Federal Reserve Bank of Cleveland is licensed under Creative Commons Attribution-NonCommercial 4.0 International