Market Briefing: MSCI Currency Indexes

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Market Briefing: MSCI Currency Indexes February 9, 2018 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-5306 jabbott@ Please visit our sites at www. blog. thinking outside the box

Table Of Contents Table Of Contents Figures All Country World MSCI 3 All Country World ex-us MSCI 4 BRIC MSCI 5 Developed Europe MSCI 6 Developed World ex-us MSCI 7 EAFE MSCI 8 Emerging Markets MSCI 9 EM Asia MSCI 10 EM Eastern Europe MSCI 11 EM Latin America MSCI 12 EMU MSCI 13 Europe MSCI 14 Europe ex-united Kingdom MSCI 15 February 9, 2018 / MSCI Currency Indexes www.

All Country World MSCI 650 600 550 Figure 1. ALL COUNTRY WORLD MSCI INDEX 665 615 565 500 515 450 465 400 415 350 365 300 315 265 200 215 165 0 Figure 2. ALL COUNTRY WORLD MSCI INDEX CURRENCY RATIO ( index / local currency index) 0 5 5 0 0 5 5 0 0 5 5 Page 3 / February 9, 2018 / MSCI Currency Indexes www.

All Country World ex-us MSCI 400 350 Figure 3. ALL COUNTRY WORLD EX-US MSCI INDEX 400 350 300 300 200 200 100 100 Figure 4. ALL COUNTRY WORLD EX-US MSCI INDEX CURRENCY RATIO ( index / local currency index) Page 4 / February 9, 2018 / MSCI Currency Indexes www.

BRIC MSCI 850 750 650 Figure 5. BRIC MSCI INDEX 550 450 550 450 350 350 50 50 Figure 6. BRIC MSCI INDEX CURRENCY RATIO ( index / local currency index).5.4.5.4 Page 5 / February 9, 2018 / MSCI Currency Indexes www.

Developed Europe MSCI 0 2100 Figure 7. DEVELOPED EUROPE MSCI INDEX 2600 2200 1700 1800 1300 1400 900 1000 500 600 1.5 1.4 Figure 8. DEVELOPED EUROPE MSCI INDEX CURRENCY RATIO ( index / local currency index) 1.5 1.4 Page 6 / February 9, 2018 / MSCI Currency Indexes www.

Developed World ex-us MSCI 1600 1400 Figure 9. DEVELOPED WORLD EX-US MSCI INDEX 2700 2300 1200 1900 1000 0 800 600 1100 400 700 2.2 2.1 Figure 10. DEVELOPED WORLD EX-US MSCI INDEX CURRENCY RATIO ( index / local currency index, daily) 2.2 2.1 2.0 2.0 1 1 1 1 1 1 1 1 1.5 1.5 1.4 1.4 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Page 7 / February 9, 2018 / MSCI Currency Indexes www.

EAFE MSCI 300 Figure 11. EAFE MSCI INDEX 350 325 300 275 200 225 200 175 125 100 100 Figure 12. EAFE MSCI INDEX CURRENCY RATIO ( index / local currency index) Page 8 / February 9, 2018 / MSCI Currency Indexes www.

Emerging Markets MSCI 69000 59000 Figure 13. EMERGING MARKETS MSCI INDEX (ratio scale, daily) 1600 1400 49000 39000 1200 1000 800 29000 600 19000 400 9000 200.40 Figure 14. EMERGING MARKETS MSCI INDEX CURRENCY RATIO ( index / local currency index, daily).40.35.35.30.30.25.25.20.20.15 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019.15 Page 9 / February 9, 2018 / MSCI Currency Indexes www.

EM Asia MSCI 1 1000 850 700 Figure 15. EMERGING MARKETS ASIA MSCI INDEX 700 600 500 550 400 400 300 200 100 100 0 5 Figure 16. EMERGING MARKETS ASIA MSCI INDEX CURRENCY RATIO ( index / local currency index) 0 5 0 0 5 5 0 0 5 5 0 0 5 0 5 0.55.50.55.50 Page 10 / February 9, 2018 / MSCI Currency Indexes www.

EM Eastern Europe MSCI 575 465 Figure 17. EMERGING MARKETS EASTERN EUROPE MSCI INDEX 475 400 355 245 325 175 135 100 25 25 Figure 18. EMERGING MARKETS EASTERN EUROPE MSCI INDEX CURRENCY RATIO ( index / local currency index).5.5.4.4 Page 11 / February 9, 2018 / MSCI Currency Indexes www.

EM Latin America MSCI 10750 8750 Figure 19. EMERGING MARKETS LATIN AMERICA MSCI INDEX 6500 5500 6750 4500 4750 3500 0 2750 0 750 500 Figure 20. EMERGING MARKETS LATIN AMERICA MSCI INDEX CURRENCY RATIO ( index / local currency index).5.5.4.3.4.3.2.2 Page 12 / February 9, 2018 / MSCI Currency Indexes www.

EMU MSCI 310 270 Figure 21. EMU MSCI INDEX 310 270 230 230 190 190 110 110 70 70 Figure 22. EMU MSCI INDEX CURRENCY RATIO ( index / local currency index) Page 13 / February 9, 2018 / MSCI Currency Indexes www.

Europe MSCI 675 575 Figure 23. EUROPE MSCI INDEX 675 575 475 475 375 375 275 275 175 175 Figure 24. EUROPE MSCI INDEX CURRENCY RATIO ( index / local currency index) Page 14 / February 9, 2018 / MSCI Currency Indexes www.

Europe ex-united Kingdom MSCI 1750 1550 Figure 25. EUROPE EX-UK MSCI INDEX 3000 0 1350 1 2000 950 0 750 1000 550 350 500 2.0 1 Figure 26. EUROPE EX-UK MSCI INDEX CURRENCY RATIO ( index / local currency index) 2.0 1 1 1 1 1 1 1 1.5 1.5 1.4 1.4 Page 15 / February 9, 2018 / MSCI Currency Indexes www.

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