The dollar two ways: the broad trade-weighted USD index alongside the academic RX 'dollar factor' — an equal-weight basket of G10 currencies against the dollar.
How to read Read where the dollar sits now and how it has moved — a present-state level, not a level call.
Each currency's BIS real effective exchange rate as a percentage deviation from its own history — the standard long-horizon valuation anchor.
How to read Report where the real rate sits versus its own history — 'currently rich / cheap vs its own average', a description of the level.
REER deviation is a SLOW-MOVING anchor — the PPP-puzzle half-life is 3–5 years, so a stretched REER is NOT a reversion signal on any tradeable horizon; report where the real rate sits vs its own history, never as a directional call.