Optimize your trading strategy by monitoring the U.S. dollar relative to a basket of world currencies with ICE’s U.S. Dollar Index (USDX®). As a global benchmark, the USDX provides a transparent valuation of U.S. currency and is relied upon for critical risk management.

The USDX complex includes futures and options available for trading at ICE Futures U.S., as well as a cash settled mini futures contract available for trading at ICE Futures Singapore. The contracts offer capital efficiencies through margin offsets across our wider FX portfolio.

Index composition

USDX Futures are benchmarked to the USDX, which is administered by ICE Data Indices, LLC and is differentiated among currency indices in its fixed weight composition. The composition of the USDX was changed only once in January 1999 when the Euro launched, replacing several single country European currencies. The cumulative exposure of those former European single country currencies remained fixed at 57.6%.

The USDX is a geometrically averaged calculation of six currencies weighted against the U.S. dollar, and is calculated in real time every second using the spot prices of the USDX’s component currencies. The prices used for the calculation of the USDX are the mid-points between the latest available bid and offer in the component currencies as sourced from ICE Data Derivatives. The methodology of the USDX can be found here.

Index Composition

Index performance

The USDX reached a high of 164.72 in February 1985 and a low of 70.698 in March 2008. As of September 16, 2020, the USDX Index closed at a value of 93.15, indicating that the U.S. dollar has depreciated in value versus the basket of constituent currencies since the USDX launched in March 1973. The USDX is impacted by several macroeconomic factors, including inflation/deflation in the U.S. dollar and foreign currencies included in the basket as well as recessions and economic growth in those countries.

Index Performance

Trading the futures

Capital efficiency

Instead of paying individual spreads on six separate currencies, you can take long or short positions on all six with only one bid and ask spread.

Deep liquidity

Continuous growth in open interest and volume is driven by a range of market participants as the need for transparent, efficient and cleared FX markets grows.


USDX® Futures Mini USDX® Futures USDX® Options
Trade on ICE Futures U.S. ICE Futures Singapore ICE Futures U.S.
Contract size One contract = $1000 X index value One contract = US $200 x index value One futures contract ($1000 X Index value)
Expiry Third Wednesday of the expiration month Cash-settled against USDX® Futures on the last Trading Day for the expiry month Third Wednesday of the expiration month
Settlement  Physically settled against the six component currencies in their respective percentage weights Cash-settled against the USDX® futures final settlement price Physically settled against the six component currencies in their respective percentage weights
Trading hours 8:00 P.M. - 5.00 P.M. ET 8:00 A.M. - 6.00 A.M. SGT 8:00 P.M. - 5.00 P.M. ET
Symbol DX SDX DX
Product spec View now » View now » View now »

Resources

Manage and monitor U.S. Dollar risk