Post-COVID Analysis2020-202616 CurrenciesGlobal FX
The Dollar's Dominance Post-COVID: A Global Currency Autopsy
From March 14, 2020 to June 2026: how the US dollar's 525bps rate hike cycle, COVID recovery dynamics, and geopolitical shocks rewrote global currency maps — and which currencies collapsed, stabilised, or actually beat the dollar.
16
Currencies tracked
11
Weaker vs USD
5
Stronger vs USD
306%
Avg depreciation
-2,054%
Worst: ARS
+17%
Best EM: MXN
114.1
DXY peak Sep 2022
100.1
DXY Jun 2026
US Dollar Index (DXY) — March 2020 to June 2026
Higher = stronger USD. A rising DXY means all other currencies are weakening against the dollar.
Why Did The Dollar Strengthen So Much?
1
Reserve Currency Flight
During COVID panic, global investors fled to USD as the world's reserve currency. $500B+ in dollar liquidity demand.
2
Fed's 525bps Rate Hike Cycle
Mar 2022-Jul 2023: fastest rate increases since 1980. Attracted trillions in global capital to USD-denominated assets.
3
Carry Trade Unwinding
As USD rates rose, profitable carry trades in JPY, TRY, and EM currencies unwound — amplifying selling pressure.
4
US Exceptionalism
US GDP recovered faster than peers. Stronger growth + higher rates = strong dollar. Europe faced energy crisis; Asia faced COVID lockdowns.
Interactive Timeline
Key Events That Moved Global Currencies
Mar 11, 2020
WHO declares COVID pandemic
Global risk-off; USD surges as reserve currency demand spikes. DXY hits 103.
Mar 23, 2020
Fed cuts to 0% + infinite QE
Dollar initially strengthens on reserve demand, then weakens as Fed prints. EM currencies crashed.
Nov 2020
Vaccines announced (Pfizer/Moderna)
Risk-on rally; EM currencies recover; USD weakens through 2021.
Mar 2022
Fed begins rate hiking cycle (+25bps)
Dollar strengthening begins in earnest. EM currencies start sustained decline.
Jun 2022
Fed hikes 75bps — fastest since 1994
DXY hits 20-year high of 114. EUR hits parity. JPY hits 151. Global currency crisis.
Sep 2022
Peak USD strength: DXY 114.1
GBP hits 1.035, EUR hits 0.953, JPY at 151 — all multi-decade lows vs USD.
Nov 2022
Fed signals slower hikes
Dollar peaks; begins multi-month reversal. EM currencies start recovering.
Jun 2023
Nigeria floats the naira (-23% in a day)
NGN single-day collapse; CBN abandons 6-year peg.
Jul 2023
Fed hikes to 5.25-5.50% (final hike)
Peak US rates. Dollar gradually weakens as rate cut expectations build.
Dec 2023
Milei 50%+ Argentine devaluation
ARS cut from 390 to 800 overnight. Crawling peg begins.
Mar 2024
Egypt devalues 38% in one day
EGP floated; IMF $8B deal; multiple devaluations since 2022.
Jul 2024
BoJ hikes for first time in 17 years
Global carry trade unwind; JPY surges from 161 to 141 in weeks.
Jan 2025
US tariff wars begin (90-day pause)
Trade war uncertainty; USD initially strong, then weakens. CNY weakens deliberately.
Feb 28, 2026
US-Israel strike on Iran — war begins
Oil +58% in days; INR hits 96.88 record low; TRY under pressure; CHF/JPY safe havens surge.
Currencies That Beat The Dollar
The Surprising Winners: Currencies That Appreciated vs USD
Not every currency lost to the dollar. These currencies either maintained their value or actually strengthened against the USD since March 2020 — through policy discipline, structural advantages, or nearshoring tailwinds.
🇲🇽
Mexican Peso
MXN
Mar 2020
21.50
Jun 2026
17.80
▲ 17.2% stronger
SURPRISE APPRECIATOR.
🇬🇧
British Pound
GBP
Mar 2020
$1.240
Jun 2026
$1.380
▲ 11.3% stronger
Post-Brexit lows pre-COVID, but pound has recovered.
🇪🇺
Euro
EUR
Mar 2020
$1.120
Jun 2026
$1.140
▲ 1.8% stronger
Broadly flat vs USD over the full period.
🇨🇭
Swiss Franc
CHF
Mar 2020
$0.945
Jun 2026
$0.905
▲ 4.2% stronger
Ultimate safe haven.
🇸🇬
Singapore Dollar
SGD
Mar 2020
1.42
Jun 2026
1.33
▲ 6.0% stronger
MAS uses exchange rate (not interest rate) as its policy tool.
Currency Explorer
All Currencies — Year-by-Year Deep Dive
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Showing 16 currencies — click any card to expand year-by-year data, sparkline, and key events.
🇦🇷
Argentine Peso
ARS · Argentina
▼ 2054.0% weaker vs USDEmerging
Mar 2020 baseline
65.00/USD
→
Jun 2026 current
1,400/USD
Depreciation severity
🇹🇷
Turkish Lira
TRY · Turkey
▼ 608.0% weaker vs USDEmerging
Mar 2020 baseline
6.50/USD
→
Jun 2026 current
46.00/USD
Depreciation severity
🇳🇬
Nigerian Naira
NGN · Nigeria
▼ 328.0% weaker vs USDAfrica
Mar 2020 baseline
360.00/USD
→
Jun 2026 current
1,540/USD
Depreciation severity
🇪🇬
Egyptian Pound
EGP · Egypt
▼ 209.0% weaker vs USDAfrica
Mar 2020 baseline
15.70/USD
→
Jun 2026 current
48.50/USD
Depreciation severity
🇵🇰
Pakistani Rupee
PKR · Pakistan
▼ 71.0% weaker vs USDAsia
Mar 2020 baseline
164.00/USD
→
Jun 2026 current
280.00/USD
Depreciation severity
🇯🇵
Japanese Yen
JPY · Japan
▼ 31.5% weaker vs USDDeveloped
Mar 2020 baseline
108.00/USD
→
Jun 2026 current
142.00/USD
Depreciation severity
🇮🇳
Indian Rupee
INR · India
▼ 30.6% weaker vs USDAsia
Mar 2020 baseline
74.10/USD
→
Jun 2026 current
96.80/USD
Depreciation severity
🇧🇷
Brazilian Real
BRL · Brazil
▼ 14.9% weaker vs USDLatAm
Mar 2020 baseline
5.05/USD
→
Jun 2026 current
5.80/USD
Depreciation severity
🇮🇩
Indonesian Rupiah
IDR · Indonesia
▼ 12.5% weaker vs USDAsia
Mar 2020 baseline
14,400/USD
→
Jun 2026 current
16,200/USD
Depreciation severity
🇿🇦
South African Rand
ZAR · South Africa
▼ 3.9% weaker vs USDAfrica
Mar 2020 baseline
17.80/USD
→
Jun 2026 current
18.50/USD
Depreciation severity
🇨🇳
Chinese Renminbi
CNY · China
▼ 2.0% weaker vs USDAsia
Mar 2020 baseline
7.10/USD
→
Jun 2026 current
7.24/USD
Depreciation severity
🇪🇺
Euro
EUR · Eurozone
▲ 1.8% stronger vs USDDeveloped
Mar 2020 baseline
$1.120
→
Jun 2026 current
$1.140
Appreciation
🇨🇭
Swiss Franc
CHF · Switzerland
▲ 4.2% stronger vs USDDeveloped
Mar 2020 baseline
$0.945
→
Jun 2026 current
$0.905
Appreciation
🇸🇬
Singapore Dollar
SGD · Singapore
▲ 6.0% stronger vs USDAsia
Mar 2020 baseline
1.42/USD
→
Jun 2026 current
1.33/USD
Appreciation
🇬🇧
British Pound
GBP · UK
▲ 11.3% stronger vs USDDeveloped
Mar 2020 baseline
$1.240
→
Jun 2026 current
$1.380
Appreciation
🇲🇽
Mexican Peso
MXN · Mexico
▲ 17.2% stronger vs USDLatAm
Mar 2020 baseline
21.50/USD
→
Jun 2026 current
17.80/USD
Appreciation
The Core Lesson From 2020-2026
The post-COVID period demonstrated that monetary policy divergence — not just growth rates — is the primary driver of currency movements. Countries that hiked rates faster (US, Mexico, Brazil, Singapore) saw their currencies hold or strengthen. Countries that delayed (Japan, Turkey pre-2023) or printed excessively (Argentina) saw catastrophic collapses. The dollar's status as the world's reserve currency means it benefits doubly: it strengthens in a crisis (safe haven demand) and in growth (higher yield attraction). For emerging market investors, the critical lesson is that a 10-15% equity return in local currency can be entirely wiped out by a 10-15% currency depreciation — making currency risk the invisible tax on all cross-border investments.
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