16.11.2022 US Dollar Finds Firmer Footing After Fed Clarification. Has the DXY Index After the Fed’s recent clarification, the US Dollar has regained some of its lost ground. It has rallied against other major currencies, including the 19-member euro and the Chinese renminbi. As a result, the dollar index against major currencies is at a two-decade high. However, this rally is not without risk.What’s the US Dollar Index? It measures the value of the dollar against six other currencies, including the Japanese yen, the euro, and the Swiss franc. The index was first calculated in 1973, and has since been used as an indicator of the U.S. economy. Traders can use this index to speculate on the dollar’s value in foreign markets, or hedge against currency exposure.