The monthly average of the nominal trade-weighted exchange value of the dollar moved very little in May compared with April. The dollar depreciated against the trade-weighted group of key emerging market currencies, the Canadian dollar, the British pound, and the yen. Those declines were in part offset by the strengthening of the dollar against the euro. The euro declined further in the beginning of June, as the European Central Bank introduced a series of initiatives to provide additional monetary policy accommodation in the euro area. Compared with May 2013, the dollar was up a modest 1.5 percent last month on a trade-weighted basis.
