The monthly average of the nominal trade-weighted exchange value of the dollar remained virtually unchanged in July compared with the previous month.
The dollar depreciated slightly against the Canadian dollar and the trade-weighted group of key emerging market currencies. It also continued to weaken against the British pound, which has appreciated by more than 10 percent against the dollar during the past year as Britain’s economic growth accelerated. The dollar was up slightly against the euro on average. However, the euro did move down sharply in the second half of the month, falling to its lowest level against the dollar since last November. On a trade-weighted basis, the dollar was essentially unchanged last month compared with July 2013.
