🧭 Why Not DXY?
The DXY is the most common reference for the USD’s value — but it’s biased:
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It’s heavily weighted toward the euro (≈58%), with smaller weights for yen, pound, Canadian dollar, Swedish krona, and Swiss franc.
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It excludes major emerging market currencies like the Chinese yuan, Indian rupee, and Mexican peso, which now play major roles in trade.
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So it doesn’t reflect the global dollar value anymore.
🔁 Alternative Referential Bases to Compare USD Without DXY
Here are several alternative benchmarks (non-DXY) you can use to evaluate the dollar’s decline or strength more neutrally:
1. Trade-Weighted U.S. Dollar Index (TWEXBPA or Broad Dollar Index)
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Published by: U.S. Federal Reserve (FRED series:
DTWEXBGSorDTWEXBPA). -
What it measures: The dollar’s value against a basket of currencies weighted by U.S. trade volume, not just developed markets.
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Why it’s better: Includes China, Mexico, Korea, India, Brazil, etc.
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Base: 2006 = 100 (Fed standard).
✅ Best for real-world trade competitiveness analysis.
2. IMF’s SDR (Special Drawing Rights)
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What it is: A basket-based “supranational currency” made of USD, EUR, CNY, JPY, and GBP.
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To measure USD fall: Compute the USD/SDR exchange rate — when USD weakens, 1 SDR costs more in dollars.
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Where to get it: IMF publishes daily SDR/USD data.
✅ Best for a neutral, multi-currency base.
3. Gold (XAU/USD) as Base
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Idea: Use gold as a neutral, non-fiat benchmark.
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Measure: The inverse of XAU/USD — if gold rises vs USD, the dollar is falling in real terms.
✅ Best for monetary or inflation-adjusted comparisons.
4. Commodities Basket Index
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Use a broad commodity index like the Bloomberg Commodity Index (BCOM) or CRB Index, denominated in USD.
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Then calculate relative change vs a non-USD base, e.g. EUR or CNY equivalents.
✅ Best for purchasing power comparisons — how many barrels or bushels a dollar buys.
5. BIS Effective Exchange Rate (EER)
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Published by: Bank for International Settlements.
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Two versions: Nominal and Real EER (inflation-adjusted).
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Measures the dollar’s value against a global weighted basket of currencies.
✅ Best for macroeconomic and long-term trend analysis.
6. Synthetic Multi-Currency Basket (Custom Index)
You can create a custom referential like this:
That gives you a more balanced “non-DXY” composite index based on your chosen trade or investment exposure.
⚙️ Practical Comparison Example
| Referential | Symbol | USD Fall Interpreted As | Source |
|---|---|---|---|
| Trade-Weighted Dollar Index | DTWEXBGS |
Decline in global purchasing power | Federal Reserve |
| USD/SDR | IMF SDR Rate | USD weaker vs global basket | IMF |
| XAU/USD | Gold price up | Dollar weaker in real terms | LBMA |
| BIS Real EER | — | Inflation-adjusted USD fall | BIS |
| Synthetic Basket | Custom | Depends on weighting | User-defined |
“Is there any globally used material or energy whose value or trade doesn’t depend on the USD?”
In other words — a truly universal commodity that is:
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demanded everywhere (industrial, energy, or food use), and
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priced, traded, or settled in something other than U.S. dollars.
Let’s go step-by-step.
🌍 1. Why almost all global materials follow USD
Most global commodities — oil, gas, metals, grains — are dollar-denominated because:
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The petrodollar system (1970s) linked oil to USD pricing.
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Commodity exchanges (CME, ICE, LME) settle in USD.
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The USD remains the dominant settlement and reserve currency (>80% of global commodity trade).
So even if a country trades in euros, yuan, or rupees, the reference price is usually set in USD, then converted.
That said — some cracks in the USD system have appeared, mainly led by China, Russia, and some BRICS countries.
⚡ 2. Examples of major materials/energy not strictly following USD
| Material / Energy | Where It’s Used | USD Independence | Reference / Notes |
|---|---|---|---|
| Shanghai Crude Oil (INE) | Oil (energy) | 🟡 Partial | Priced & settled in CNY (yuan) on China’s INE exchange since 2018. Growing share of Asia’s oil trade references it. |
| Shanghai Gold Benchmark (SGE) | Precious metals | 🟡 Partial | Set in CNY, independent of London USD fix. Used by Chinese, Russian, and Middle Eastern buyers. |
| Uranium (Kazatomprom contracts) | Nuclear energy | 🟡 Partial | Some long-term deals priced in EUR or CNY, especially post-2022 sanctions. Still small market. |
| Russian Natural Gas (Gazprom exports) | Energy | 🟢 Strong | Many contracts now settled in ruble (RUB) or CNY, not USD, esp. for China, India, Turkey. |
| Lithium (China’s spot market) | Batteries / EVs | 🟡 Partial | CNY-based contracts on Asian Metal and Guangzhou Exchange dominate spot pricing. |
| Rare Earth Elements (REEs) | Electronics / defense | 🟡 Partial | China controls 80–90% of supply; priced in CNY domestically, but converted to USD in exports. |
| Electricity / Carbon Credits (EU ETS) | Energy / emissions | 🟢 Strong | Entirely EUR-denominated market; has no USD linkage. |
| IMF SDR-linked trade instruments | Macro finance | 🟢 Strong | Used for intergovernmental or development transactions; neutral to USD. |
🧩 3. Materials/markets most “de-dollarized”
If we rank them roughly by independence from USD:
| Rank | Sector | Referential Currency | Independence |
|---|---|---|---|
| 🥇 EU Carbon / Power (EU ETS) | EUR | Very High | |
| 🥈 Russian Energy (oil/gas to Asia) | CNY / RUB | High | |
| 🥉 Shanghai Gold / Oil | CNY | Medium-High | |
| 4️⃣ Lithium / REEs | CNY | Medium | |
| 5️⃣ Global Grains / Metals | USD | Low |
🔮 4. Emerging “neutral” pricing trends
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BRICS Pay & BRICS currency discussions target commodity trade in local or basket currencies.
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India and UAE have settled oil in INR–AED cross-payments (no USD).
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Africa and South America are developing regional currency settlement systems (e.g., Pan-African Payment and Settlement System).
So while no material is universally used and fully detached from USD yet,
the most advanced non-USD referentials are:
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Energy: CNY-based crude/gas markets
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Precious metals: CNY or EUR gold fixings
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Environmental commodities: EUR (carbon credits)
⚖️ 5. If you want a neutral, global measure of value
You can use “energy equivalence” or “metal equivalence” pricing, e.g.:
That’s sometimes called a “real resource index” — e.g. comparing lithium, copper, and energy in physical ratios, avoiding all fiat bases.
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