The US Dollar Under Democrats and Republicans
Since 1971, counting every trading day by who was in the White House, the US dollar index has changed by −1.8% a year under Republican presidents and +1.7% a year under Democratic ones. The pattern held in most presidencies: the dollar rose under 2 of 7 Republican presidencies and 3 of 4 Democratic presidencies. Under unified government it changed by −1.2% a year with Democrats in charge, −3.2% with Republicans, and +0.6% when power was divided. The biggest moves followed interest rates, inflation and crises more than elections.
US Dollar Index daily closes from Jan 4, 1971 to Nov 4, 2026 (latest 101.54)
US dollar index and who was in charge, since 1971
The Dollar by Who Controlled Washington
Each trading day's move credited to whoever held office that day, summed and expressed as a yearly rate. Silver for comparison.
| Setup | Years | Dollar a year | Dollar in total | Silver a year |
|---|---|---|---|---|
| President | ||||
| Democratic president | 24 | +1.7% | +51% | +8.4% |
| Republican president | 32 | −1.8% | −44% | +3.3% |
| House of Representatives | ||||
| Democratic House | 32 | −0.9% | −25% | +6.2% |
| Republican House | 24 | +0.5% | +13% | +4.5% |
| Senate | ||||
| Democratic Senate | 32 | −0.9% | −25% | +7.0% |
| Republican Senate | 24 | +0.5% | +12% | +3.3% |
| Government | ||||
| Democrats held the White House, House and Senate | 10 | −1.2% | −11% | +24.9% |
| Republicans held all three | 8 | −3.2% | −23% | +17.2% |
| Divided government | 38 | +0.6% | +23% | −1.4% |
| — Democratic president, Republican Congress | 8 | +3.9% | +36% | +0.8% |
| — Republican president, Democratic Congress | 14 | −1.7% | −21% | +1.6% |
| — House and Senate held by different parties | 16 | +0.9% | +15% | −5.5% |
Every President
The dollar index from inauguration day to the last day in office (current president: to date), with silver over the same period.
| President | Party | In office | Dollar index | Change | A year | Silver |
|---|---|---|---|---|---|---|
| Donald Trump now | R | Jan 2025 – today | 109.4 → 101.5 | −7.1% | −4.1% | +60.2% |
| Joe Biden | D | Jan 2021 – Jan 2025 | 90.5 → 109.4 | +20.9% | +4.9% | +20.3% |
| Donald Trump | R | Jan 2017 – Jan 2021 | 100.7 → 90.5 | −10.2% | −2.7% | +50.8% |
| Barack Obama | D | Jan 2009 – Jan 2017 | 86.2 → 100.7 | +16.8% | +2.0% | +50.8% |
| George W. Bush | R | Jan 2001 – Jan 2009 | 110.7 → 86.2 | −22.1% | −3.1% | +134.9% |
| Bill Clinton | D | Jan 1993 – Jan 2001 | 91.6 → 110.7 | +20.9% | +2.4% | +30.8% |
| George H. W. Bush | R | Jan 1989 – Jan 1993 | 95.1 → 91.6 | −3.7% | −0.9% | −38.5% |
| Ronald Reagan | R | Jan 1981 – Jan 1989 | 91.0 → 95.1 | +4.4% | +0.5% | −60.0% |
| Jimmy Carter | D | Jan 1977 – Jan 1981 | 105.5 → 91.0 | −13.7% | −3.6% | +239.1% |
| Gerald Ford | R | Aug 1974 – Jan 1977 | 101.3 → 105.5 | +4.1% | +1.6% | −1.3% |
| Richard Nixon | R | Jan 1969 – Aug 1974 | 120.5 → 101.3 from Jan 1971 | −15.9% | −4.7% | +124.3% |
| Lyndon Johnson | D | Nov 1963 – Jan 1969 | — | — | — | −8.2% |
Every Congress
Each two-year Congress from 3 January, with the majorities at the start. Changes of control during a Congress are noted.
| Congress | Years | President | House | Senate | Dollar | Silver |
|---|---|---|---|---|---|---|
| 119th now | 2025–2026 | Joe Biden, Donald Trump | R | R | −6.8% | +66.4% |
| 118th | 2023–2025 | Joe Biden | R | D | +4.2% | +23.9% |
| 117th | 2021–2023 | Donald Trump, Joe Biden | D | D * | +16.2% | −8.6% |
| 116th | 2019–2021 | Donald Trump | D | R | −6.6% | +67.7% |
| 115th | 2017–2019 | Barack Obama, Donald Trump | R | R | −6.7% | −3.4% |
| 114th | 2015–2017 | Barack Obama | R | R | +13.3% | +3.3% |
| 113th | 2013–2015 | Barack Obama | R | D | +13.2% | −49.1% |
| 112th | 2011–2013 | Barack Obama | R | D | +1.6% | −0.6% |
| 111th | 2009–2011 | George W. Bush, Barack Obama | D | D | −3.3% | +180.6% |
| 110th | 2007–2009 | George W. Bush | D | D | −2.5% | −14.2% |
| 109th | 2005–2007 | George W. Bush | R | R | +3.2% | +99.3% |
| 108th | 2003–2005 | George W. Bush | R | R | −20.7% | +35.2% |
| 107th | 2001–2003 | Bill Clinton, George W. Bush | R | R * | −7.0% | +5.7% |
| 106th | 1999–2001 | Bill Clinton | R | R | +17.0% | −9.6% |
| 105th | 1997–1999 | Bill Clinton | R | R | +5.5% | +7.3% |
| 104th | 1995–1997 | Bill Clinton | R | R | +0.2% | −3.7% |
| 103rd | 1993–1995 | George H. W. Bush, Bill Clinton | D | D | −3.5% | +32.2% |
| 102nd | 1991–1993 | George H. W. Bush | D | D | +11.5% | −10.4% |
| 101st | 1989–1991 | Ronald Reagan, George H. W. Bush | D | D | −10.2% | −32.5% |
| 100th | 1987–1989 | Ronald Reagan | D | D | −11.0% | +13.2% |
| 99th | 1985–1987 | Ronald Reagan | D | R | −31.8% | −10.9% |
| 98th | 1983–1985 | Ronald Reagan | D | R | +29.9% | −44.6% |
| 97th | 1981–1983 | Jimmy Carter, Ronald Reagan | D | R | +29.2% | −29.9% |
| 96th | 1979–1981 | Jimmy Carter | D | D | +3.5% | +158.8% |
| 95th | 1977–1979 | Gerald Ford, Jimmy Carter | D | D | −16.1% | +37.5% |
| 94th | 1975–1977 | Gerald Ford | D | D | +7.2% | +0.1% |
| 93rd | 1973–1975 | Richard Nixon, Gerald Ford | D | D | −11.9% | +116.6% |
| 92nd | 1971–1973 | Richard Nixon | D | D | −8.5% | +23.0% |
What Really Moves the Dollar
Presidents and Congress influence the dollar mainly through budgets, trade and the tone of policy. Bigger forces are interest rates set by the Federal Reserve against those of other central banks, inflation, and the dollar's role as a safe haven when markets panic.
Some of the largest moves in this data: the end of the dollar's convertibility into gold in August 1971 and the switch to floating rates in 1973; the dollar's surge to a peak in early 1985 as the Fed held rates very high to beat inflation, followed by the Plaza Accord of September 1985 to bring it down; the long slide to a record low in 2008; the rally of 2014–15 as the Fed prepared to raise rates while Europe and Japan eased; the 2022 surge to a 20-year high during the fastest Fed tightening in decades; and the sharp fall in the first half of 2025, widely reported as the dollar index's weakest first half since 1973, as new tariffs were announced.
Why It Matters for Silver
Silver is priced in US dollars. A weaker dollar makes it cheaper for buyers using other currencies and has often coincided with higher silver prices, while a strong dollar tends to weigh on it. The link is loose: silver also follows industrial demand, inflation and gold.
See how silver did after past votes on silver after US elections, how interest rates behaved under each party on Treasury yields under Democrats and Republicans, and the long-run silver price history.
US Dollar and Politics FAQ
Does the dollar do better under Republican or Democratic presidents?
Since 1971, the dollar index changed by −1.8% a year under Republican presidents and +1.7% a year under Democratic presidents. It rose under 2 of 7 Republican presidencies and 3 of 4 Democratic presidencies (presidencies of at least a year). With so few presidencies and so many other forces — the Federal Reserve, inflation, oil shocks, wars and financial crises — the party difference says little about cause and effect.
Does it matter who controls Congress?
With a Democratic House the dollar changed by −0.9% a year, with a Republican House +0.5%; with a Democratic Senate −0.9%, with a Republican Senate +0.5%. Divided government: +0.6% a year; unified government: −1.2% (Democrats) and −3.2% (Republicans).
What happened when a Republican president faced a Democratic Congress?
That setup — the one that begins in January 2027 after Democrats won both chambers in the November 2026 midterms — covered 1955–1957, 1957–1959, 1959–1961, 1969–1971, 1971–1973, 1973–1975, 1975–1977, 1987–1989, 1989–1991, 1991–1993, 2007–2009. Over those years the dollar changed by −1.7% a year in total. Each period had its own story, so it is not a forecast.
How is this calculated?
Every day's change in the US Dollar Index (DXY, a basket of six major currencies led by the euro and the yen) is credited to whoever held the White House, the House and the Senate that day, then the changes are added up and turned into a yearly rate. Party control uses the exact dates, including the 50–50 Senates of 2001 and 2021 and Senator Jim Jeffords' switch in June 2001. Presidencies count from inauguration day; a new Congress starts on 3 January.
Why might a weaker dollar matter for silver?
Silver is priced in dollars, so a falling dollar makes it cheaper in other currencies and has often coincided with higher silver prices. The relationship is loose and breaks down for long stretches; compare the silver column in the tables below.
Dollar index: ICE US Dollar Index (DXY) daily closes via Yahoo Finance; the index belongs to ICE and is shown for reference. Silver: London silver fix to 2018, COMEX futures after that. Party control from the House and Senate historical records. This page describes the past; it is not a forecast, a political endorsement or investment advice.
Cite this page
For essays, articles and research. Prices on this page update daily, so the citations include today's date as the date you accessed it.
@misc{corgano2026theusdollarunder, author = {{Corgano}}, title = {The US Dollar Under Democrats and Republicans}, howpublished = {\url{https://silverprice.corgano.com/us-dollar-under-democrats-and-republicans}}, year = {2026}, note = {Corgano Silver Price, accessed 2026-11-04}}