Since the beginning of the year, the US central bank has lowered its key lending rate from 1.5% to 0%. In addition, the US government has injected nearly $3T in capital (14% of 2019s GDP) into the US market through targeted loan programs, grants, and taxpayer-targeted stimulus payments. These fiscal policies have been more aggressive than what many governments have done around the world. Based on our studies, we would expect these actions, absent other factors, would weaken the US dollar relative to most foreign currencies, but the US Dollar Index shows the dollar has strengthened by nearly 4% since January 1^st. What other factors may have contributed to the USD strengthening in this way? Strictly for your reference, I have included a table disclosing the types and weight of currencies used in the US Dollar Index (no math required!).

Euro	57.6%
Japanese yen	13.6%
Pound sterling	11.9%
Canadian dollar	9.1%
Swedish krona	4.2%
Swiss franc	3.6%