The monthly average of the trade-weighted exchange value of the dollar continued to rise in January, up 0.8 percent from December's average. The dollar strengthened against currencies of most major developed countries and, to a lesser extent, against a trade-weighted group of key emerging-market currencies. At the end of January, the dollar was at its highest level against that group since June 2012, reflecting several bouts of emerging-market currency depreciations since last May.
