Chapter 12 Charts: Predicting Currencies · Table Of Contents Table Of ContentsTable Of Contents March 9, 2020 / Chapter 12 Charts: Predicting Currencies Yardeni Research, Inc. Predicting

Predicting the Markets:Chapter 12 Charts:

Predicting CurrenciesYardeni Research, Inc.

March 23, 2020

Dr. Edward YardeniChief Investment Strategist

Mali QuintanaSenior Economist

[email protected]

Please visit our sites atwww.yardeni.comblog.yardeni.com

thinking outside the box

Table Of Contents Table Of ContentsTable Of Contents

March 23, 2020 / Chapter 12 Charts: Predicting Currencies www.yardeni.com

Yardeni Research, Inc.

Predicting Currencies 1-18

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-.6

-.4

-.2

.0

.2

.4

.6

.8

1.0

1.2

1.4

1.6

1.8

-.6

-.4

-.2

.0

.2

.4

.6

.8

1.0

1.2

1.4

1.6

1.8

Jan

NET INFLOWS INTO EQUITY MUTUAL FUNDS(cumulative flows since 2000, trillion dollars)

TotalInternational*Domestic

* Includes Global & International, Emerging Markets, and Regional Funds.Source: Investment Company Institute.

yardeni.com

Figure 1.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021-55

-35

-15

5

25

45

65

85

105

125

145

165

-55

-35

-15

5

25

45

65

85

105

125

145

165

JanNET INFLOWS INTO EQUITY MUTUAL FUNDS(cumulative flows since 2000, percent of total)

International*Domestic

* Includes Global & International, Emerging Markets, and Regional Funds.Source: Investment Company Institute.

yardeni.com

Figure 2.

Predicting Currencies

Page 1 / March 23, 2020 / Chapter 12 Charts: Predicting Currencies www.yardeni.com


52 54 56 58 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22.1

10.1

20.1

30.1

40.150.160.1

.1

10.1

20.1

30.1

40.150.160.1 Q4TOTAL VALUE OF US STOCKS

(trillion dollars, nsa, ratio scale)

US Equity Issues at Market Value

Total Ex Foreign Issues*Total

* Total excluding market value of holdings of foreign corporate equities, investment fund shares, and American Depositary Receipts (ADRs)by US residents.Source: Federal Reserve Board, Financial Accounts of the United States.

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Figure 3.

52 54 56 58 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 220

5

10

15

20

25

0

5

10

15

20

25

Q4

FOREIGN EQUITIES HELD BY US RESIDENTS(as percent of total market value of equities held by US residents)

Foreign EquitiesShare in US*

* Market value of holdings of foreign corporate equities, investment fund shares, and American Depositary Receipts (ADRs) by US residentsas a percent of the market value of their total equity holdings.Source: Federal Reserve Board, Financial Accounts of the United States.

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eni.c

om

Figure 4.




59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 233

153

303

453

6037539031053

3

153

303

453

603753903

1053Q3CORPORATE PRE-TAX PROFITS RECEIPTS FROM THE REST OF THE WORLD*

(billion dollars, saar, ratio scale)

* Including Inventory Valuation Adjustment (IVA) and Capital Consumption Adjustment (CCAdj), which restate the historical cost basis used in profitstax accounting for inventory withdrawals and depreciation to the current cost measures used in GDP.Source: Bureau of Economic Analysis.

yardeni.com

Figure 5.

59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 235

10

15

20

25

30

35

40

45

50

55

60

5

10

15

20

25

30

35

40

45

50

55

60

Q3

CORPORATE PRE-TAX PROFITS RECEIPTS FROM THE REST OF THE WORLD*(as a percent of pre-tax corporate profits)

* Including Inventory Valuation Adjustment (IVA) and Capital Consumption Adjustment (CCAdj), which restate the historical cost basis used in profitstax accounting for inventory withdrawals and depreciation to the current cost measures used in GDP.Source: Bureau of Economic Analysis.

yardeni.com

Figure 6.




73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 230

50

100

150

200

0

50

100

150

200

3/203/20

FED’S TRADE-WEIGHTED DOLLAR INDEXES(daily)

Major*(3/73=100)Broad**(1/97=100)

* Countries included in the Advanced Foreign Economies (AFE) index: Australia, Canada, Euro Area, Japan, Sweden, Switzerland, andthe United Kingdom.

** Countries included in the Broad Dollar Index: Argentina, Australia, Brazil, Canada, Chile, China, Colombia, Euro Area, Hong Kong, India, Indonesia,Israel, Japan, Korea, Malaysia, Mexico, Philippines, Russia, Saudi Arabia, Singapore, Sweden, Switzerland, Taiwan, Thailand, United Kingdom, and Vietnam.Source: Federal Reserve Board.

yardeni.com

Figure 7.

96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2285

90

95

100

105

110

115

120

125

130

135

85

90

95

100

105

110

115

120

125

130

1353/23JP MORGAN TRADE-WEIGHTED DOLLAR INDEX*

(2010=100, daily)

JP Morgan NominalBroad Effective Exchange Rate

* Argentina, Australia, Brazil, Bulgaria, Canada, Chile, China, Colombia, Croatia, Czech Rep., Denmark, Ecuador, Egypt, Hong Kong, Hungary, India,Indonesia, Israel, Japan, Korea, Kuwait, Malaysia, Mexico, Morocco, New Zealand, Nigeria, Norway, Pakistan, Panama, Peru, Philippines, Poland,Romania, Russia, Saudi Arabia, Singapore, South Africa, Sweden, Switzerland, Taiwan, Thailand, Turkey, Ukraine, UK, Uruguay, US, Venezuela,Vietnam, and Euro Area.Source: JP Morgan.

yardeni.com

Figure 8.




96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.015

.020

.025

.030

.035

.015

.020

.025

.030

.035

3/20

yardeni.com

EMERGING MARKETS MSCI INDEX CURRENCY RATIO(US$ index / local currency index, daily)

Source: MSCI.

Figure 9.

96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 221.2

1.4

1.6

1.8

2.0

2.2

2.4

1.2

1.4

1.6

1.8

2.0

2.2

2.4

3/20

yardeni.com

Source: MSCI.

DEVELOPED WORLD EX-US MSCI INDEX CURRENCY RATIO(US$ index / local currency index, daily)

Figure 10.




68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 2428

428

828

1228

1628

2028

28

428

828

1228

1628

2028

3/20GOLD PRICE*(dollars per troy ounce, ratio scale)

* Cash price. London gold bullion, PM Fix. Monthly from 1968 through 1974, then daily.Source: Wall Street Journal and Haver Analytics.

yardeni.com

Figure 11.

52 54 56 58 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 2470

170

270

370

470

570

670

70

170

270

370

470

570

670

CRB RAW INDUSTRIALS SPOT PRICE INDEX*(1967=100, ratio scale)

3/20

* Weekly from January 9, 1951 to May 26, 1981, then daily. Includes copper scrap, lead scrap, steel scrap, tin, zinc, burlap, cotton, print cloth, wool tops,hides, rosin, rubber, and tallow.Note: Shaded areas denote recessions according to the National Bureau of Economic Research.Source: Commodity Research Bureau.

yardeni.com

Figure 12.




70 71 72 73 74 75 76 77 78 79 80 81 82 83 843

8

13

18

23

28

33

38

4348

3

8

13

18

23

28

33

38

4348

WEST TEXAS INTERMEDIATE CRUDE OIL PRICE(dollars per barrel, ratio scale, monthly)

Note: Shaded areas denote recessions according to the National Bureau of Economic Research.Source: Haver Analytics.

yardeni.com

Figure 13.

47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23-8

-7

-6

-5

-4

-3

-2

-1

0

1

2

3

4

5

6

-8

-7

-6

-5

-4

-3

-2

-1

0

1

2

3

4

5

6

Q4

NET EXPORTS OF GOODS & SERVICES IN NOMINAL GDP(as a percent of nominal GDP)

TotalEx Petroleum

Source: Bureau of Economic Analysis.

yardeni.com

Figure 14.




85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-1600

-1400

-1200

-1000

-800

-600

-400

-200

0

200

400

600

800

-1600

-1400

-1200

-1000

-800

-600

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-200

0

200

400

600

800

Feb

US FEDERAL GOVERNMENT BUDGET BALANCE(12-month sum, billion dollars)

Source: US Treasury Department.

yardeni.com

Figure 15.

68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22.2

3.2

6.2

9.2

12.2

15.218.2

.2

3.2

6.2

9.2

12.2

15.218.2

FebUS TREASURY DEBT HELD BY THE PUBLIC*(trillion dollars, nsa, ratio scale)

* Marketable interest-bearing bills, notes, and bonds.Source: US Treasury Department, Monthly Statement of the Public Debt of the United States.

yardeni.com

Figure 16.




95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22200

300

400

500

600

700

130

125

120

115

110

105

100

95

90

85

80

3/23

3/20

INDUSTRIALS COMMODITY PRICE INDEX & TRADE-WEIGHTED DOLLAR(daily)

JP Morgan NominalBroad Effective Exchange Rate**(inverted scale)

CRB Raw IndustrialsSpot Price Index*(1967=100)

* Includes copper scrap, lead scrap, steel scrap, tin, zinc, burlap, cotton, print cloth, wool tops, hides, rosin, rubber, and tallow.** Argentina, Australia, Brazil, Bulgaria, Canada, Chile, China, Colombia, Croatia, Czech Republic, Denmark, Ecuador, Egypt, France, Germany, Hong Kong,

Hungary, Japan, India, Indonesia, Israel, Italy, Korea, Kuwait, Malaysia, Mexico, Morocco, New Zealand, Nigeria, Norway, Pakistan, Panama, Peru,Philippines, Poland, Romania, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, United Kingdom,Ukraine, Uruguay, Venezuela, Vietnam, and United States. Source: Commodity Research Bureau and JP Morgan.

yardeni.com

Figure 17.

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220

50

100

150

130

125

120

115

110

105

100

95

90

85

80

3/23

3/23

INDUSTRIALS COMMODITY PRICE INDEX & TRADE-WEIGHTED DOLLAR(daily)

JP Morgan NominalBroad Effective Exchange Rate*(inverted scale)

Brent Crude Oil Price(dollars per barrel)

* Argentina, Australia, Brazil, Bulgaria, Canada, Chile, China, Colombia, Croatia, Czech Republic, Denmark, Ecuador, Egypt, France, Germany, Hong Kong,Hungary, Japan, India, Indonesia, Israel, Italy, Korea, Kuwait, Malaysia, Mexico, Morocco, New Zealand, Nigeria, Norway, Pakistan, Panama, Peru,Philippines, Poland, Romania, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, United Kingdom,Ukraine, Uruguay, Venezuela, Vietnam, and United States.Source: JP Morgan and Haver Analytics.

yardeni.com

Figure 18.




***** Chart Not Available *****

Task: PTMTWDJPMORGANMSCI

KEEP command attempted on missing data

03-23-2020 - 14:01:22

Figure 19.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021.5

2.5

4.5

6.5

8.5

10.5

12.5

.5

2.5

4.5

6.5

8.5

10.5

12.5

Jan

Jan

NON-GOLD INTERNATIONAL RESERVES: ADVANCED & EMERGING ECONOMIES(trillion dollars, ratio scale)

International Reserves Held By:Advanced Economies*Emerging Economies

* Includes United States, Canada, Australia, Japan, New Zealand, Austria, Belgium, Luxembourg, Denmark, Finland, France, Germany, Greece, Iceland,Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and United Kingdom.Source: IMF and Haver Analytics.

yardeni.com

Figure 20.




2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021200

300

400

500

600

700

1.7

1.6

1.5

1.4

1.3

1.2

1.1

1.0

.9

.8

3/20

3/20

INDUSTRIALS COMMODITY PRICE INDEX & CANADIAN DOLLAR(daily)

CRB Raw IndustrialsSpot Price Index*

Canada(C$/US$, inverted scale)

* Includes copper scrap, lead scrap, steel scrap, tin, zinc, burlap, cotton, print cloth, wool tops, hides, rosin, rubber, and tallow.Source: Haver Analytics.

yardeni.com

Figure 21.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021200

300

400

500

600

700

2.1

2.0

1.9

1.8

1.7

1.6

1.5

1.4

1.3

1.2

1.1

1.0

.9

.8

3/23

INDUSTRIALS COMMODITY PRICE INDEX & AUSTRALIAN DOLLAR(daily)

CRB Raw IndustrialsSpot Price Index*

Australia(A$/US$, inverted scale)

* Includes copper scrap, lead scrap, steel scrap, tin, zinc, burlap, cotton, print cloth, wool tops, hides, rosin, rubber, and tallow.Source: Haver Analytics.

yardeni.com

Figure 22.




60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22-1000

-500

0

500

1000

-1000

-500

0

500

1000

Q4

Q4

US INTERNATIONAL TRANSACTIONS:CURRENT vs FINANCIAL ACCOUNT BALANCES(billion dollars, 4-quarter sum)

Account BalanceCurrent*Financial**

* US exports less imports of goods and services plus net income from abroad.** Net incurrence of liabilities less net acquisition of financial assets.


yardeni.com

Figure 23.

60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22-300

-200

-100

0

100

200

300

-300

-200

-100

0

100

200

300

Q4

US INTERNATIONAL TRANSACTIONS: STATISTICAL DISCREPANCY(billion dollars, 4-quarter sum)


yardeni.com

Figure 24.




97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-700

-600

-500

-400

-300

-200

-100

0

100

200

300

400

500

600

700

800

900

1000

-700

-600

-500

-400

-300

-200

-100

0

100

200

300

400

500

600

700

800

900

1000

Feb

Feb

CHINA: MERCHANDISE TRADE & NON-GOLD INTERNATIONAL RESERVES(billion dollars)

Merchandise Trade Surplus or Deficit(12-month sum)Non-Gold International Reserves(12-month change)

Source: China Customs and Haver Analytics.

yardeni.com

Figure 25.

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-1300

-1200

-1100

-1000

-900

-800

-700

-600

-500

-400

-300

-200

-100

0

100

200

300

400

500

600

700

-1300

-1200

-1100

-1000

-900

-800

-700

-600

-500

-400

-300

-200

-100

0

100

200

300

400

500

600

700

Feb

CHINA: IMPLIED INTERNATIONAL CAPITAL FLOWS*(billion dollars)

* 12-month change in non-gold international reserves minus 12-month sum of the merchandise trade surplus (deficit).Source: China Customs and Haver Analytics.

yardeni.com

Figure 26.




96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 218.5

8.0

7.5

7.0

6.5

6.0

5.5

0

1

2

3

4

5

Feb

3/23

CHINA: NON-GOLD INTERNATIONAL RESERVES & YUAN

Non-Gold International Reserves(trillion dollars, nsa)

Yuan/US$(inverted scale)

Source: IMF and Haver Analytics.

yardeni.com

Figure 27.

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-1000

0

1000

2000

-1000

0

1000

2000

Jan

Jan

WORLD EX-US: MERCHANDISE TRADE & NON-GOLD INTERNATIONAL RESERVES(billion dollars)

World Trade Surplus with US*(12-month sum)World Non-Gold International Reserves(12-month change)

* US trade deficit multiplied by -1.0.Source: IMF and Haver Analytics.

yardeni.com

Figure 28.




95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-2000

-1000

0

1000

2000

-2000

-1000

0

1000

2000

Jan

WORLD EX-US: IMPLIED INTERNATIONAL CAPITAL FLOWS*(billion dollars)

* 12-month change in non-gold international reserves minus 12-month sum of the merchandise trade surplus with US (i.e., US trade deficit multiplied by -1.0).Source: IMF and Haver Analytics.

yardeni.com

Figure 29.

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2122

20

18

16

14

12

10

8

6

4

2

0

-2

-4

-6

-8

-10

-12

-14

-16

-18

-20

-22

-2000

-1000

0

1000

2000

Jan

3/20

IMPLIED WORLD EX-US CAPITAL FLOWS& TRADE-WEIGHTED DOLLAR (yearly percent change)

JP Morgan NominalBroad EffectiveExchange Rate**(inverted scale)

Implied World Ex-USCapital Flows*

* 12-month change in non-gold international reserves minus 12-month sum of the merchandise trade surplus (deficit). US trade deficit multiplied by -1.0.** Argentina, Australia, Brazil, Bulgaria, Canada, Chile, China, Colombia, Croatia, Czech Republic, Denmark, Ecuador, Egypt, France, Germany, Hong Kong,

Hungary, Japan, India, Indonesia, Israel, Italy, Korea, Kuwait, Malaysia, Mexico, Morocco, New Zealand, Nigeria, Norway, Pakistan, Panama, Peru,Philippines, Poland, Romania, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, United Kingdom,Ukraine, Uruguay, Venezuela, Vietnam, and United States. Source: IMF and JP Morgan.

yardeni.com

Figure 30.




95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2220

18

16

14

12

10

8

6

4

2

0

-2

-4

-6

-8

-10

-12

-14

-16

-1000

-500

0

500

1000

1500

2000

Jan

3/20

WORLD NON-GOLD INTERNATIONAL RESERVES (12-month change, billion dollars)& TRADE WEIGHTED DOLLAR (yearly percent change)

JP Morgan NominalBroad EffectiveExchange Rate**(inverted scale)

World Non-GoldInternational Reserves*(12-month change)

* 12-month change in non-gold international reserves minus 12-month sum of the merchandise trade surplus (deficit). US trade deficit multiplied by -1.0.** Argentina, Australia, Brazil, Bulgaria, Canada, Chile, China, Colombia, Croatia, Czech Republic, Denmark, Ecuador, Egypt, France, Germany, Hong Kong,

Hungary, Japan, India, Indonesia, Israel, Italy, Korea, Kuwait, Malaysia, Mexico, Morocco, New Zealand, Nigeria, Norway, Pakistan, Panama, Peru,Philippines, Poland, Romania, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, United Kingdom,Ukraine, Uruguay, Venezuela, Vietnam, and United States. Source: IMF and JP Morgan.

yardeni.com

Figure 31.

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2220

18

16

14

12

10

8

6

4

2

0

-2

-4

-6

-8

-10

-12

-14

-16

-15

-10

-5

0

5

10

15

20

25

30

35

40

45

Jan3/20

WORLD NON-GOLD INTERNATIONAL RESERVES (yearly percent change)& TRADE WEIGHTED DOLLAR (yearly percent change)

JP Morgan NominalBroad EffectiveExchange Rate*(inverted scale)

World Non-GoldInternational Reserves(yearly percent change)

* Argentina, Australia, Brazil, Bulgaria, Canada, Chile, China, Colombia, Croatia, Czech Republic, Denmark, Ecuador, Egypt, France, Germany,Hong Kong, Hungary, Japan, India, Indonesia, Israel, Italy, Korea, Kuwait, Malaysia, Mexico, Morocco, New Zealand, Nigeria, Norway, Pakistan,Panama, Peru, Philippines, Poland, Romania, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey,United Kingdom, Ukraine, Uruguay, Venezuela, Vietnam, and United States.Source: IMF and JP Morgan.

yardeni.com

Figure 32.




1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020.8

1.8

2.8

3.8

4.8

5.8

6.8

7.88.89.810.811.812.8

.8

1.8

2.8

3.8

4.8

5.8

6.8

7.88.89.8

10.811.812.8

Q3Jan

Q3

INTERNATIONAL RESERVES HELD BY ALL CENTRAL BANKS(trillion dollars, ratio scale)

All Central BanksNon-Gold International ReservesTotal Foreign Exchange HoldingsTotal Allocated ReservesAllocated Reserves in US Dollars

Source: IMF.

yardeni.com

Figure 33.

99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 2060

62

64

66

68

70

72

74

60

62

64

66

68

70

72

74

Q3

CURRENCY COMPOSITION OF OFFICIAL FOREIGN-EXCHANGE RESERVES (COFER)(percent of Allocated Reserves in US dollars)

Percent of Allocated ReservesIn US Dollars

Source: IMF.

yardeni.com

Figure 34.




2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

Feb

Feb

TOTAL ASSETS OF MAJOR CENTRAL BANKS(trillion dollars)

ECBFed

Source: Haver Analytics.

yardeni.com

Figure 35.

2011 2012 2013 2014 2015 2016 2017 2018 2019 202090

95

100

105

110

115

120

125

130

135

90

95

100

105

110

115

120

125

130

135

JP MORGAN TRADE-WEIGHTED DOLLAR INDEX*(2010=100, daily)

3/23

* Argentina, Australia, Brazil, Bulgaria, Canada, Chile, China, Colombia, Croatia, Czech Rep., Denmark, Ecuador, Egypt, Hong Kong, Hungary, India, Indonesia,Israel, Japan, Korea, Kuwait, Malaysia, Mexico, Morocco, New Zealand, Nigeria, Norway, Pakistan, Panama, Peru, Philippines, Poland, Romania, Russia,Saudi Arabia, Singapore, South Africa, Sweden, Switzerland, Taiwan, Thailand, Turkey, Ukraine, UK, Uruguay, US, Venezuela, Vietnam, & Euro Area.Source: JP Morgan.

yardeni.com

Figure 36.




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