> Yes it has. Euro costs 10% more in USD than one year ago.

But more or less only the euro. The USD has strengthened or held steady against INR, RMB, CAD, AUD, etc. The euro is strengthening even more, however.

Look at the gold price. Or BTC.

By those metrics the dollar has lost a lot of value in the last year

Gold prices are wonky right now because it was Diwali [0] and India did a large GST reform [1] that unlocked consumer capital for gold.

Once Diwali ended a couple weeks ago, Gold prices slumped [2].

The same thing happened with Silver [3].

You used to see similar stuff happen around CNY back when China was growing at double digit speeds [4].

[0] - https://www.cnbc.com/amp/2025/10/27/indians-spend-up-to-11-b...

[1] - https://www.reuters.com/world/india/winners-losers-indias-sw...

[2] - https://www.bloomberg.com/news/articles/2025-10-20/gold-s-re...

[3] - https://www.bloomberg.com/news/articles/2025-10-18/sold-out-...

[4] - https://ecomod.net/system/files/gold_and_china_ecomod2013.pd...

Is that what you meant by devaluation? That the dollar has lost 10% of it exchange compared to the euro?