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The Federal Reserve's adoption of an average inflation target pushed on a door in the foreign exchange market that was already open. The dollar had been trending lower since the end of March and, as of the end of August, was down against all the major currencies this year, save the New Zealand and Canadian dollars.
The real broad trade-weighted dollar is arguably the best measure of metric to gauge the economic impact. At the end of August, it stood at 108.09 after finishing 2019 at 107.05. It had peaked in April near 113.40, an