The comprehensive dollar comes not from the Chicago Board of Trade (CBOT) or the Chicago Mercantile Exchange (CME), but from the new york Cotton Exchange (NYCE). New york Cotton Exchange was founded in 1870, which was originally composed of a group of cotton merchants and middlemen. It is the oldest commodity exchange in new york and the most important cotton futures and options exchange in the world. 1985, new york cotton exchange established the finance department, and officially entered the global financial commodity market. The first is the US dollar index futures.
Since 2002, the dollar has been falling continuously. Weighted by a basket of currencies, the US dollar has depreciated by 37% since 200 1. After September 2007, affected by the subprime mortgage crisis, the US dollar fell sharply, and the exchange rate against 16 major currencies fell across the board.
In 2008, the trend of the US dollar exchange rate was full of uncertainty. As the US economy may decline or even decline, the subprime mortgage crisis may continue to worsen, and investors' confidence in holding US dollar assets will be affected. Central banks will gradually reduce their holdings of US Treasury bonds, and the US dollar may continue to fall in 2008. However, due to the reduction of the current account deficit in the United States, it may continue to be maintained after the short-term decline of the US economy.