USD/EUR FX rate, up to 3 July 2026

U.S. Dollar (USD) to euro (EUR) exchange rate from September 25, 2018 to July 3, 2026

The US dollar traded at about 0.87 euros on 3 July 2026, meaning one dollar bought roughly 87 euro cents, or equivalently one euro bought about 1.14 dollars. The rate has swung widely since 2018, driven mainly by the gap between US and European interest rates. The exchange rate between the world two most important currencies is watched by everyone from central bankers and multinational companies to tourists and investors, because it sets the price of trade, travel and cross-border investment between the United States and Europe, the two largest advanced economies. The period from September 2018 to July 2026 captures one of the most eventful stretches in the history of the pair, spanning the calm before the pandemic, the shock of 2020, the inflationary surge and the aggressive monetary tightening that followed, and the more recent turn toward easing.

The dollar was strongest in 2022, briefly worth more than one euro, and weakest in early 2026. The series sits alongside our distribution of global reserves overview and our currency reserves by country coverage.

Broad dollar strength, then retreat: indexed to 2018, the dollar rose against the euro, pound and especially the yen, peaking around 2022 to 2024, before easing back against all three by 2026.

The dollar-euro rate is the most important currency pair in the world, a benchmark for trade and finance, themes our development of reserves worldwide and debt deals by currency overviews explore.

A note on the data. The figures show the US dollar to euro rate, euros per one dollar, from September 25, 2018 to July 3, 2026, based on ECB and market data. A higher value means a stronger dollar. The inverse, dollars per euro, is also shown. A rising USD to EUR figure means the dollar is strengthening, since each dollar buys more euros, while a falling figure means the dollar is weakening, a convention worth keeping in mind when reading the charts that follow. All figures are based on European Central Bank reference rates and market data, and because exchange rates trade continuously around the clock, any single figure is a snapshot of a market that never stops moving.

The Dollar-Euro Rate at Key Dates

The table shows the dollar-euro rate at key dates from 2018 to 2026, in both directions. It captures the 2022 peak when the dollar reached parity, the early-2026 low, and the level on 3 July 2026. Reading the table in both directions helps avoid confusion, since the same exchange rate can be expressed as euros per dollar or dollars per euro, and the financial press switches between the two conventions depending on the audience and the context. Because exchange rates move every second the markets are open, the figures in the table are best understood as representative levels for each date rather than precise fixed values, though the broad pattern they trace is accurate and well documented.

How Has the Dollar Moved Against the Euro?

The dollar has moved sharply against the euro since 2018. It weakened to about 0.82 euros in 2021, surged to parity and beyond in 2022 when one dollar bought more than one euro, then eased back to about 0.87 euros by July 2026 as the dollar broadly declined. The dollar journey against the euro over these years is really the story of diverging monetary policy, with the currency rising and falling in lockstep with the widening and narrowing of the gap between the interest rates set by the Federal Reserve and the European Central Bank. At the 2021 low, one dollar bought only about 0.82 euros, whereas at the 2022 peak it bought more than one euro, a swing of more than 20 percent in barely a year that ranks among the sharpest moves the pair has seen in the modern era.

The swings track the relative strength of the two economies and their central banks, with the dollar rising when the Federal Reserve raised rates faster than the European Central Bank, a relationship our federal funds rate coverage frames.

From parity to retreat: the dollar weakened to about 0.82 euros in 2021, surged past parity to about 1.01 euros in 2022, then eased back to about 0.87 euros by July 2026.

The 2022 surge to parity was the dollar strongest against the euro in two decades, driven by aggressive Fed rate hikes and the energy crisis that hit Europe hardest, while the recent decline reflects Fed rate cuts and a broadly weaker dollar. The recovery from the 2022 lows was gradual and incomplete, and by the time the dollar began its most recent slide in 2025, the euro had clawed back much of the ground it had lost, illustrating how currency moves often unwind as the conditions that drove them fade.

The Rate Year by Year

On an annual average, the dollar bought about 0.89 euros in 2019, weakened to 0.85 in 2021, strengthened to 0.95 in 2022, and eased back toward 0.86 by 2026. The yearly figures smooth out the sharp swings within each year. Averaging the rate over each year smooths out the daily noise and reveals the underlying trend, showing the dollar strengthening into the 2022 peak and then gradually surrendering those gains as the interest-rate advantage that had powered its rise slowly eroded. The dollar averaged its strongest against the euro in 2022, at about 0.95 euros, and its weakest in 2021, at about 0.85, with the 2026 figure sitting close to the weaker end of that range as the recent decline took hold.

Each yearly average hides large moves, with the rate often swinging by several percent within a single year as expectations for interest rates and growth shift, a volatility our ten-year yields by country coverage frames.

Peak in 2022: the dollar averaged about 0.89 euros in 2019, weakened to 0.85 in 2021, strengthened to 0.95 in 2022, and eased toward 0.86 by 2026.

The strongest year for the dollar was 2022, when it averaged about 0.95 euros, and the weakest were 2021 and 2026, when it averaged closer to 0.85, a range that captures the full sweep of the dollar fortunes over the period. The relatively narrow range of the annual averages, mostly between about 0.85 and 0.95 euros, masks the far wider swings that occurred within individual years, a reminder that annual figures can understate the true volatility of the exchange rate. Looking ahead, the annual average for 2026 will depend on whether the recent dollar weakness persists through the rest of the year, but the first half already points to one of the softer years for the dollar since the pandemic.

The Strongest and Weakest Dollar

The dollar reached its strongest against the euro in September 2022, briefly worth about 1.01 euros as the euro fell below parity for the first time in twenty years. It was weakest in January 2026, worth only about 0.83 euros. The gap between the dollar strongest and weakest points against the euro captures the full drama of the period, a swing wide enough to reshape the economics of transatlantic trade, making American exports cheaper at the peak and European goods cheaper at the trough. The dollar September 2022 peak, when it briefly bought more than one euro, was its strongest against the single currency since the euro early years in the early 2000s, a milestone that captured headlines around the world.

The extremes bracket a swing of more than 20 percent between the dollar strongest and weakest points, a wide range for a major currency pair, driven by the shifting interest-rate gap, a move our short-term interest rates worldwide coverage frames.

The extremes: the dollar was strongest at about 1.01 euros in September 2022 and weakest at about 0.83 euros in January 2026, a swing of more than 20 percent.

The 2022 parity moment was a landmark, marking the euro weakest level against the dollar since its early years, before the pair recovered as the energy crisis eased and the interest-rate gap began to narrow. The parity episode of 2022 entered financial folklore as a symbol of European economic weakness and American strength, even though the euro subsequently recovered, showing how a single dramatic level can capture the public imagination more than the longer trend.

The Dollar Against Other Currencies

The dollar has fared very differently against different currencies since 2018. It rose about 29 percent against the Japanese yen, held roughly steady against the euro, but fell about 8 percent against the Swiss franc, one of the strongest currencies of the period. Comparing the dollar performance against several currencies at once reveals that there is no single measure of dollar strength, since the currency can soar against one rival while barely moving against another, depending on the monetary policy and economic fortunes of each. The roughly 29 percent gain against the yen dwarfs the dollar performance against every other major currency, a reflection of the extraordinary gap that opened up between the near-zero rates of the Bank of Japan and the much higher rates elsewhere.

The huge gain against the yen reflects the Bank of Japan holding rates near zero while other central banks tightened, while the franc strength reflects its safe-haven status, a divergence our global stock markets by country coverage frames.

Soared vs yen, fell vs franc: from 2018 to 2026 the dollar rose about 29 percent against the yen and 8 percent against the Australian dollar, but fell about 8 percent against the Swiss franc.

The mixed picture shows that the dollar overall strength depended heavily on which currency it was measured against, rising sharply versus the low-yielding yen but barely moving against the euro and losing ground to the franc. The contrast between the dollar surge against the yen and its slide against the franc is a vivid illustration of how monetary policy shapes currencies, rewarding the currencies of central banks that raised rates and punishing those that kept them low.

How Far the Rate Swings Each Year

The dollar-euro rate swings widely within a single year. In 2022 it ranged from about 0.88 to 1.02 euros per dollar, and in 2026 from 0.83 to 0.88, showing how much the rate can move as conditions change. The width of the yearly trading range is itself a measure of uncertainty, and the unusually wide swings of 2020 and 2022 reflected the extraordinary shocks of those years, from the pandemic to the energy crisis and the fastest monetary tightening in decades. The 2022 range, from about 0.88 to 1.02 euros per dollar, was one of the widest in the history of the pair, reflecting the speed of the Federal Reserve tightening and the severity of the European energy crisis that year.

The widest swings came in the volatile years of 2020 and 2022, when the rate moved by nearly 15 percent between its yearly high and low, a volatility our global financial markets coverage frames.

Wide yearly swings: in 2022 the rate ranged from about 0.88 to 1.02 euros per dollar, and in 2026 from 0.83 to 0.88, showing how much the rate moves each year.

Even in calmer years the rate typically moves by several percent between its high and low, a reminder that exchange rates are never fixed and can reprice sharply as the outlook for interest rates and growth shifts. For businesses trading across the Atlantic, these yearly swings are far from academic, since a move of several percent in the exchange rate can wipe out or double the profit margin on a cross-border deal, making currency hedging a central concern.

Why Has the Dollar Weakened Since 2025?

Since early 2025 the dollar has weakened steadily against the euro, falling from about 0.97 euros in January 2025 to about 0.87 by July 2026. The decline reflects Federal Reserve rate cuts and a broad loss of dollar strength. The steady decline of the dollar since early 2025 marks one of the more significant currency moves of recent years, reversing much of the strength the dollar had built up during the tightening cycle and reflecting a broad reassessment of the US economic and fiscal outlook. The dollar has fallen from about 0.97 euros in early 2025 to about 0.87 by July 2026, a decline of roughly 10 percent that has returned the pair toward the middle of its long-run range after the extremes of the tightening cycle.

The dollar slide accelerated as the Fed cut rates while the European Central Bank held firm and even raised rates, narrowing the interest-rate gap that had supported the dollar, a shift our central banks coverage frames.

The recent dollar slide: the dollar fell from about 0.97 euros in January 2025 to about 0.87 by July 2026, as the Federal Reserve cut rates and the dollar weakened broadly.

The recent weakness has been broad-based, with the dollar falling against most major currencies, reflecting concerns about US deficits and the narrowing yield advantage that had drawn investors to dollar assets in earlier years. Whether the dollar recent weakness proves to be a temporary correction or the start of a longer decline will depend on the path of Federal Reserve policy and on whether investors continue to worry about the scale of US government borrowing. The broad-based nature of the recent dollar decline, against the euro, the pound and other currencies alike, suggests it reflects a reassessment of the dollar itself rather than any particular strength in the euro.

Where the Rate Spends Most Time

Across the period, the dollar spent most of its time buying between 0.85 and 0.95 euros. It bought less than 0.85 euros in about 22 of the roughly 95 months, and more than one euro in only about 5 months, all during the 2022 peak. Counting how many months the rate spent in each band shows that, for all the headline drama of the 2022 parity spike, the dollar-euro rate has actually spent most of its time within a fairly narrow range, with the extremes at either end being relatively rare and short-lived. The dollar bought more than one euro in only a handful of months, all clustered in the second half of 2022, underlining just how exceptional the parity episode was against the backdrop of a pair that normally trades below that level.

The distribution shows how unusual the 2022 parity episode was, with the dollar rarely worth more than 0.95 euros, and how the recent sub-0.85 readings mark a return to a weaker dollar, a shift our developed and emerging share price index coverage frames.

Mostly a narrow range: the dollar spent most months buying 0.85 to 0.95 euros, dropping below 0.85 in about 22 months and above one euro in only about 5, all in 2022.

That the rate spent so much time in the 0.85 to 0.95 band shows that, for all the drama of the 2022 spike and the recent decline, the dollar-euro rate has mostly traded in a fairly narrow range over the period. The concentration of the rate in the middle of its range, rather than at the extremes, suggests that the powerful forces of arbitrage and mean reversion tend to pull the dollar-euro rate back toward a central level whenever it strays too far.

Do Interest Rates Drive the Rate?

The dollar-euro rate is driven above all by the gap between US and European interest rates. When the Federal Reserve rate stood well above the European Central Bank rate, as in 2022, the dollar was strong, and as the gap narrowed, the dollar weakened. The link between the interest-rate gap and the exchange rate is one of the most reliable relationships in all of currency markets, because capital flows toward the currency offering the higher return, bidding it up until the expected returns are once again balanced. The 2022 peak in the dollar coincided almost exactly with the widest gap between Fed and ECB rates, while the recent decline has tracked the narrowing of that gap as the Fed cut and the ECB held firm, a textbook illustration of the relationship.

The relationship is one of the clearest in currency markets, since higher relative rates draw investors to a currency, and the narrowing Fed-ECB gap since 2024 has pulled the dollar down, a link our financial markets in the US coverage frames.

Rates drive the rate: the dollar was strongest in 2022 when the Fed-ECB rate gap was widest, and weakened as the gap narrowed through 2025 and 2026.

The rate gap is not the only driver, with growth, risk sentiment and energy prices all playing a part, but it remains the single most reliable guide to the direction of the dollar-euro rate over time. This is why currency traders watch central bank meetings so closely, since any hint of a change in the relative path of Fed and ECB rates can move the dollar-euro rate sharply, often before the actual rate changes even take place. For anyone trying to anticipate the direction of the dollar-euro rate, the message is clear, that the path of relative interest rates between the Federal Reserve and the European Central Bank is the single most important thing to watch.

The Dollar-Euro Rate by Era

The rate has moved through clear eras. The dollar averaged about 0.88 euros before the pandemic, 0.87 during the pandemic years, strengthened to about 0.93 during the 2022 to 2024 surge, then eased to about 0.88 in the 2025 to 2026 decline. Dividing the period into distinct eras helps make sense of the dollar swings, since each phase, from the calm before the pandemic to the surge of the tightening cycle and the easing that followed, was shaped by a different constellation of interest rates and economic forces. The pre-pandemic era of 2018 and 2019 saw the dollar trade in a relatively stable range around 0.88 euros, before the turbulence of the 2020s sent it on the wild ride that has defined the pair ever since.

Each era reflected the prevailing interest-rate and economic backdrop, from the calm of the late 2010s to the aggressive tightening of 2022 and the easing that followed, a cycle our biggest companies by market value coverage frames.

Four phases: the dollar averaged about 0.88 euros before the pandemic, 0.87 during it, 0.93 in the 2022 to 2024 surge, and 0.88 in the 2025 to 2026 decline.

The dollar surge of 2022 to 2024 stands out as the strongest phase, when it consistently bought more euros than in any other period, before the recent easing returned it toward its longer-run average. The progression through these eras illustrates a broader truth about exchange rates, that they move in long swings driven by the monetary cycle, strengthening as rates rise and weakening as they fall, in a rhythm that repeats across the decades.

The Dollar-Euro Rate in Numbers

A few numbers capture the picture. The dollar bought about 0.87 euros on 3 July 2026, peaked near 1.01 euros in 2022, bottomed near 0.82 in 2021, and has ranged between about 0.82 and 1.02 euros per dollar since 2018. These figures together make the dollar-euro rate one of the most revealing barometers of the relative health of the American and European economies, compressing into a single number the market judgment about growth, inflation and monetary policy on both sides of the Atlantic.

The figures matter because the dollar-euro rate is the most important currency pair in the world, shaping trade, investment and reserves, a role our leading financial centres coverage frames.

Together these figures show a rate driven by the interest-rate gap between the Fed and the ECB, strong when US rates stood well above European ones, and weaker as that gap has narrowed.

USD to EUR: The Big Picture

Taken together, the path of the dollar-euro rate from 2018 to 2026 traces the shifting balance between the US and European economies and their central banks, a story our gold as an investment coverage sets against other stores of value.

Whether the dollar recovers or weakens further against the euro depends on the interest-rate gap and the relative health of the two economies, but the pair remains the anchor of global currency markets, alongside the assets in our crypto market and money market fund overviews.

Frequently Asked Questions: USD to EUR