The U.S. Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, climbed to its highest level in more than a year on June 18, 2026.
The U.S. Dollar Index (DXY) hit 100.79 on Thursday, up around 0.44% on the day, according to data from TradingView. As such, the Index surged above a key resistance level that had capped it for more than 12 months.
The rally followed Wednesday’s Federal Reserve policy meeting, the first chaired by Kevin Warsh, in which officials struck a hawkish tone, fueling concerns that U.S. interest rates could rise rather than fall this year. Hawkish Fed signals typically lift the dollar, as higher-for-longer rates boost yields on dollar-denominated assets.
Already, prediction market traders have set the odds of zero rate cuts in 2026 at 80%, signaling greater conviction, as per metrics from Polymarket.
However, the end of the U.S.-Iran conflict could lower inflation, potentially increasing the odds of a rate cut over the coming months.
U.S. Dollar index current level against major currencies
The U.S. dollar’s climb came at the expense of the basket currencies it tracks, with the British pound (GBP) and Japanese yen (JPY) both weakening against the greenback over the past 24 hours. For instance, the USD/GBP pair revisited its year-to-date high, hovering around 0.7549 at the time of publication.
Meanwhile, the USD/JPY rallied to its highest level since July 2024, currently exchanging at about 160.886.
If the U.S. Dollar index (DXY) continues to climb in the near future, major currencies could keep sliding.
