9.20.19

Chart Menu Next 2 Pages: Click page # to jump to chart, click ‘Menu’ button to return to menu US Index (DXY) ------4-5 USD/MXN ------33 US Trade Weighted Broad Dollar --- 6-7 CAD VS. MXN ------34 DXY vs. Trade-Weighted Dollar ---- 8 USD/HKD ------35-36 DXY vs. Bloomberg Dollar Index --- 9 EUR/HKD ------37 EUR/USD ------10 Volatility Indices ------38-41 GBP/USD ------11 MSCI EM Currency Index ------42 USD/CHF ------12 EM Ccy vs. MSCI Emerg. Mkts – 43 USD/JPY ------13 Asia Dollar Index vs. EEM ------44 GBP/JPY ------14 SPY/EEM VS. US Dollar ------45 GBP/CHF ------15 EM Bond Fund vs. US Dollar ----- 46 EUR/CHF ------16 Asia Currency Index ------47 GBP VS. EUR ------17 World CCY Performance Table -- 48 USD/CNY------18 EM Ccy’s: 1wk, 1mo, YTD return 49-51 AUD/USD ------19 Major Ccy: 1wk, 1mo, YTD return 52-54 USD/CAD ------20 EM CCYs Performance ------55-56 USD/TWD ------21 CFTC Spec CCY Data ------57 USD/KRW ------22 Net Spec US Dollar Bets ------58-62 USD/RUB------23 US Dollar vs. Fed Funds Rate --- 63 USD/NOK ------24 DXY vs. Dollar % Forex Reserves 64 USD/BRL ------25 DXY vs. Inflation Expectations --- 65 NZDUSD ------26 DXY vs. Gold ------66 NZD/JPY ------27 DXY vs. Crude Oil ------67 EUR/JPY ------28 CAD vs. W. Canada Crude Oil --- 68 CAD/EUR ------29 NOK vs. Brent Crude ------69 CAD/AUD ------30 RUB vs. Brent Crude ------70 AUD/EUR ------31 EM CCY Index vs. Brent Crude - 71 AUD/JPY ------32 09/20/19 Menu cont’d next page… Home 2 AUD/JPY vs. Copper ------72 Cryptocurrencies EUR vs. 10yr Bund-Tsy Spread --- 73 Crypto Performance Tables------98-99 JPY vs. 10yr Tsy – JGB Spread --- 74 Bitcoin ------100 JPY vs. Nikkei ------75 Bitcoin Cash ------101 Offshore vs. Onshore Yuan ------76 Ethereum ------102 CNY vs. CNY Mid-Rate Fix ------77 Litecoin ------103 USD/CNY vs. US Dollar Index --- 78 Ripple ------104 USD/CNY vs. US 10yr Yield ------79 EOS ------105 USD/CNY vs. USD/HKD ------80 Crypto Performance 2018-p ------106 Basket vs. DXY ------81 Bitcoin Trust ------107 CNY/USD vs. EUR/USD ------82 Gold vs. Bitcoin ------108 CNY vs. Emerging Markets EEM – 83 Offshore Yuan vs. Bitcoin ------109 CNY vs. CRB Raw Industrials ----- 84 CFTC Spec Bitcoin data ------110-111 RRR vs. CNY ------85 Bitcoin Spot vs. Bitcoin Futures ---- 112 US vs. China CPI Exch. Rates ----- 86 Crypto 10 vs. Galaxy Crypto ------113 DXY vs. DXY Risk Reversal ------87 Large vs. Mid-Cap Crypto ------114 10yr Yield, Gold vs. DXY Risk Rev. 88-89 Number of Bitcoins In Circulation – 115 EEM vs. DXY Risk Reversal ------90 Bitcoin Exchange Trade Volume --- 116 DXY vs. USD Positioning Indicator 91 Bitcoin Transactions Per Day ------117 Dollar Bull, Bear ETF Flows ------92-93 Bitcoin Market Cap. ------118 Share of Payments via SWIFT ------94 Bitcoin Mkt.Cap. vs Gold, ETF 119 USD SWIFT vs. USD % ForEx Rsv. 95 Cost Per Bitcoin Transaction ------120 SPX Sales Growth vs. Trade Dollar 96 Average Transactions Per Block ---- 121 SPX Revenue vs. Trade Dollar ----- 97 Total Number of Blockchain Wallets 122

09/20/19 Menu1 3 Currencies

104 US Dollar (DXY) Index

100

96

Last: 98.462 92 1Wk Chg: +0.205 50DMA 98.037 100DMA 97.629 200DMA 97.154

88 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19

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150 DXY Index Relative Strength (14 day) 107

US DOLLAR INDEX 130 97

110

Last: 52.90 87 90 1Wk Chg: +2.40

70 77

50

67 30

10 57 2014 2015 2016 2017 2018 2019

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129

124

119

114 Last: 130.11 1Wk Chg: -0.439 50DMA 129.50 100DMA 128.95 109 200DMA 128.15

Data thru: 9/13/19 104 2015 2016 2017 2018 2019

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150 Trade-Weighted Dollar Relative Strength (14 day) 135

TRADE-WEIGHTED DOLLAR Last: 44.98 130 1Wk Chg: -7.32 125

110

115 90

70 105

50

95 30

data thru: 9/13/19 10 85 2014 2015 2016 2017 2018 2019

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US Dollar (DXY) Index vs. 106 US Trade-Weighted Broad Dollar Index 132

103 Last: 98.46 129 Last: 130.11

100 126

97 123

94 120

91 117

sourc=bloomberg; weekly data 88 114 2015 2016 2017 2018

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US Dollar (DXY) Index vs. 100 1240 Bloomberg US Dollar (BBDXY) Index

98 1213

96

1186

94

1159

92

Last: 98.46 Last: 1,209.8 1132 90

88 1105 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19 May-19 Aug-19 Nov-19

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150 EUR/USD Relative Strength (14 day) 1.42

1.32 130 Last: 44.16 1Wk Chg: -5.35 EURUSD 1.22 110

1.12 90

1.02

70 0.92

50 0.82

30 0.72

10 0.62 2014 2015 2016 2017 2018 2019

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1.7 130 1.6

110 1.5 GBPUSD 1.4 Last: 59.84 90 1Wk Chg: -5.85 1.3

1.2 70

1.1

50 1

0.9 30 0.8

10 0.7 2014 2015 2016 2017 2018 2019

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150 USD/CHF Relative Strength (14 day) 1.05

130

0.95 110 USDCHF

Last: 53.76 90 1Wk Chg: -2.38 0.85

70

50 0.75

30

10 0.65 2014 2015 2016 2017 2018 2019

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150 120 USDJPY 130

110 110

90 Last: 53.25 100 1Wk Chg: -9.62

70 90

50

80 30

10 70 2014 2015 2016 2017 2018 2019

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170 GBP/JPY Relative Strength (14 day) 205

150 Last: 60.46 1Wk Chg: -9.34 180

130 GBPJPY 155 110

90 130

70 105

50

80 30

10 55 2014 2015 2016 2017 2018 2019

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170 GBP/CHF Relative Strength (14 day) 1.7

1.6 150 Last: 61.91 1Wk Chg: -5.55 1.5 130 GBPCHF 1.4

110 1.3

90 1.2

1.1 70

1.0 50 0.9

30 0.8

10 0.7 2014 2015 2016 2017 2018 2019

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170 EUR/CHF Relative Strength (14 day) 1.3 160

150 Last: 48.59 EURCHF 140 1Wk Chg: -9.33 1.2 130 120 1.1 110 100 90 1.0 80 70 60 0.9 50 40

30 0.8 20 10 0 0.7 2014 2015 2016 2017 2018 2019

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1.55

1.35

1.15

source=bloomberg; weekly data 0.95 2013 2014 2015 2016 2017 2018 2019

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150 USD/CNY Relative Strength (14 day) 8

Last: 51.20 130 1Wk Chg: +2.96 USDCNY 7

110

7 90

70 6

50

6 30

10 5 2014 2015 2016 2017 2018 2019

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170 AUD/USD Relative Strength (14 day) 1.0

150 Last: 39.60 0.9 1Wk Chg: -23.52 130

AUDUSD 0.8 110

90 0.7

70 0.6

50

0.5 30

10 0.4 2014 2015 2016 2017 2018 2019

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170 USD/CAD Relative Strength (14 day) 1.5

150 USDCAD 1.4

130 1.3

110 1.2

Last: 52.17 90 1Wk Chg: -3.57 1.1

70 1

50 0.9

30 0.8

10 0.7 2014 2015 2016 2017 2018 2019

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170 USD/TWD Relative Strength (14 day) 34

150

32 130 USDTWD

110 Last: 29.34 30 1Wk Chg: -0.05

90

28 70

50 26

30

10 24 2014 2015 2016 2017 2018 2019

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170 USD/KRW Relative Strength (14 day) 1250

150 USDKRW

130 1150

110

Last: 40.59 90 1Wk Chg: +1.58 1050

70

50 950

30

10 850 2014 2015 2016 2017 2018 2019

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170 USD/RUB Relative Strength (14 day) 90

150 75 USDRUB 130

60 110

Last: 34.06 90 1Wk Chg: -0.13 45

70 30

50

15 30

10 0 2014 2015 2016 2017 2018 2019

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170 USD/NOK Relative Strength (14 day) 9.5

150

8.4 130

USDNOK 110 7.3 Last: 60.64 1Wk Chg: +7.40 90

6.2 70

50 5.1

30

10 4.0 2014 2015 2016 2017 2018 2019

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170 USD/BRL Relative Strength (14 day) 4.5

150 USDBRL 4

130 3.5

110 3

90 Last: 59.76 1Wk Chg: +5.75 2.5 70

2 50

1.5 30

10 1 2014 2015 2016 2017 2018 2019

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170 NZD/USD Relative Strength (14 day) 0.90

0.85 150 Last: 28.70 1Wk Chg: -13.12 0.80 130 NZDUSD 0.75

110 0.70

90 0.65

0.60 70

0.55 50 0.50

30 0.45

10 0.40 2014 2015 2016 2017 2018 2019

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170 NZD/JPY Relative Strength (14 day) 96

150 88

NZDJPY 130 80

110 72 Last: 35.49 1Wk Chg: 90 -18.34

64 70

56 50

48 30

10 40 2014 2015 2016 2017 2018 2019

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170 EUR/JPY Relative Strength (14 day) 150

150 140 EURJPY

130 130

110

Last: 48.54 120 1Wk Chg: -13.05 90

110 70

100 50

90 30

10 80 2014 2015 2016 2017 2018 2019

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CAD/EUR Relative Strength (14 day) 0.78

150 Last: 53.42 1Wk Chg: +7.82 0.73 130

CADEUR 110 0.68

90 0.63

70

0.58

50

0.53 30

10 0.48 2014 2015 2016 2017 2018 2019

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170 CAD/AUD Relative Strength (14 day) 1.15

150 CADAUD

130 1.05

110

Last: 90 57.95 0.95 1Wk Chg: +24.85

70

50 0.85

30

10 0.75 2014 2015 2016 2017 2018 2019

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170 AUD/EUR Relative Strength (14 day) 0.76

150 Last: 45.75 1Wk Chg: -15.39 0.71

130

AUDEUR 0.66 110

90 0.61

70 0.56

50

0.51 30

10 0.46 2014 2015 2016 2017 2018 2019

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170 AUD/JPY Relative Strength (14 day) 108

150 Last: 45.58 1Wk Chg: -20.45 98

130 AUDJPY 88

110 78

90

68 70

58 50

48 30

10 38 2014 2015 2016 2017 2018 2019

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170 USD/MXN Relative Strength (14 day) 24

150 USDMXN Last: 43.83 1Wk Chg: +3.41

130 19

110

90 14

70

50 9

30

10 4 2014 2015 2016 2017 2018 2019

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1.40 USD/CAD vs. USD/MXN 23

22 Last: 1.326 Last: 19.45 1.35

21

1.30 20

19

1.25

18

*source=Bloomberg; daily data 1.20 17 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19

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7.86 USD/HKD

Last: 7.8367 1Wk Chg: +0.0167

7.82

7.78

7.74 2006 2008 2010 2012 2014 2016 2018

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USD/HKD vs. 7.87 3mo USD Libor minus 3mo HKD Hibor 1.4

1.2 7.85 Last: 7.8367 Last: -0.1111 1

7.83 0.8

7.81 0.6

0.4 7.79

0.2 7.77

0

7.75 -0.2

7.73 -0.4 2015 2016 2017 2018 2019

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12.8 EUR/HKD

11.9

11.0

10.1

9.2

Last: 8.635 1Wk Chg: 8.3 -0.025

7.4 2006 2008 2010 2012 2014 2016 2018

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24 G-7 Currency Volatility Index

21 Last: 6.86 1Wk Chg: +0.09

18

15

12

9

6

*source=JPMorgan; calculations based on 3-month at-the-money forward option volumes 3 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

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13 Deutsche Bank Currency Volatility Index

Last: 6.88 1Wk %Chg: -0.3% 11

9

7

source=bloomberg; daily data 5 2016 2017 2018 2019

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35 Emerging Market Currency Volatility Index

Last: 8.23 1Wk Chg: +0.10 27

19

11

*source=JPMorgan; calculations based on 3-month at-the-money forward option volumes 3 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

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1.7 Emerging Market / G7 Currency Volatility Ratio

1.5 Last: 1.1997 1Wk Chg: -0.10%

1.3

1.1

0.9

source=bloomberg; weekly data 0.7 2007 2009 2011 2013 2015 2017 2019

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1,800 MSCI Emerging Markets Currency Index

1,700

1,600

1,500

1,400

Last: 1,615.3 1,300 1Wk Chg: -5.68 50DMA 1619.1 100DMA 1624.8 200DMA 1631.4 1,200

*source=Bloomberg, MSCI; currency weights equal to relevant country weight in MSCI Emerging Market Index 1,100 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

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1,780 MSCI Emerging Markets Currency Index 56 vs. MSCI Emerging Markets (EEM)

51 Last: 1,615.3 1,680 Last: 41.61

46

1,580 41

36

1,480

31

*source=Bloomberg, MSCI; currency weights equal to relevant country weight in MSCI Emerging Market Index 1,380 26 2015 2016 2017 2018 2019

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122 Asia Dollar Index 60 vs. MSCI Emerging Markets (EEM)

51 116

42

110

33 Last: 103.1 Last: 41.61

104 24

*source=Bloomberg; weekly data 98 15 2004 2006 2008 2010 2012 2014 2016 2018 2020

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S&P 500 relative to MSCI Emerging Markets 7.5 vs. US Dollar Index (DXY) 110

Last: 7.17 6.4 Last: 98.46 100

5.3

90

4.2

80 3.1

*source=Bloomberg; weekly data (SPY/EEM vs. DXY) 2.0 70 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

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US Dollar (DXY) Index (inverted) 87 vs. JP Morgan EM Local CCY Bond Fund (LEMB) 52

90 Last: 98.46 Last: 44.61

93 48

96

99 44

102

*weekly data 105 40 2016 2017 2018 2019

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122 Asia Currency Index

Last: 103.07 115 1Wk Chg: -0.37 50DMA 103.49 100DMA 104.09 200DMA 105.04

108

101

94

source=Bloomberg, JP Morgan; Weightings: CNY (41.8%), KRW (12.05%), HKD (10.19%), INR (7.35%), TWD (6.13%), SGD (6.02%), THB (5.28%), IDR (4.86%), MYR (4.49%), PHP (1.83%) 87 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

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Data for week ending: 09/20/19

% CHANGE % CHANGE 1WK 4WK 3MO 6MO 1YR 1WK 4WK 3MO 6MO 1YR PALLADIUM +1.96% +12.34% +9.18% +5.77% +56.03% PERUVIAN SOL -1.13% +0.49% -1.65% -1.81% -1.99% GOLD +1.91% -0.66% +8.38% +16.47% +26.40% S. AFRICAN RAND -2.36% +2.06% -4.03% -3.57% -4.12% SILVER +3.13% +3.25% +17.23% +17.68% +25.78% -1.87% -2.30% -5.02% -8.59% -6.42% PLATINUM -0.24% +10.32% +16.84% +13.77% +14.29% CHINESE RENMINBI -0.17% +0.06% -3.13% -5.33% -3.30% TURKISH LIRA -1.00% +0.28% +1.29% -5.17% +9.55% -0.23% +2.41% -1.66% -1.25% -3.18% +0.50% -1.99% -0.23% +3.65% +4.67% DANISH KRONE -0.54% -1.27% -3.15% -2.77% -6.35% INDONESIAN RUPIAH -1.00% +1.24% +0.00% +0.78% +5.22% EURO -0.51% -1.14% -3.10% -2.73% -6.23% PHILIPPINE PESO -0.24% +0.72% -1.14% +1.21% +4.21% CHILEAN PESO -1.42% +0.28% -4.71% -6.65% -7.09% RUSSIAN RUBLE +0.58% +3.10% -1.64% +1.17% +3.72% BRITISH POUND -0.18% +1.73% -2.03% -6.11% -4.54% DOLLAR -0.21% +0.07% -0.29% +0.16% -0.33% -1.64% +0.15% -2.31% -4.50% -7.19% INDIAN RUPEE -0.19% +0.94% -2.24% -3.12% +1.49% THAI BAHT +0.04% -0.83% -1.27% -3.87% -5.93% DOLLAR -0.29% +0.72% -1.59% -1.79% -0.94% POLISH ZLOTY -1.64% -0.87% -5.72% -4.29% -7.66% CANADIAN DOLLAR +0.17% +0.15% -0.30% +0.56% -2.62% SWEDISH KRONA -0.96% -1.03% -3.59% -4.86% -9.41% TAIWAN DOLLAR -0.18% +1.43% -0.13% -0.41% -1.10% S. KOREAN WON -1.22% +1.63% -2.93% -4.89% -6.63% -0.17% +0.38% -0.91% -2.00% -0.99% NORWEGIAN KRONE -0.81% -1.34% -6.20% -5.88% -10.02% SWISS FRANC -0.07% -1.65% -1.45% +1.13% -3.25% ICELAND KRONA +0.04% -0.30% -0.01% -5.63% -11.52% BRAZIL REAL -1.47% -0.58% -7.84% -8.01% -2.39% ARGENTINE PESO -1.12% -2.76% -24.79% -29.60% -34.57%

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Emerging Market Currencies: 1-Week Spot Return

Russian Ruble +0.48% Taiwanese Dollar +0.25% South Korean Won +0.23% Philippine Peso +0.01% Indian Rupee -0.02% Thai Baht -0.04% Malaysian Ringgit -0.08% Chinese Renminbi -0.17% Hong Kong Dollar -0.23% Mexican Peso -0.25% -0.30% Bulgarian Lev -0.51% Czech Koruna -0.54% Indonesian Rupiah -0.64% Romanian Leu -0.87% Turkish Lira -0.92% Argentine Peso -0.96% Peruvian Sol -1.15% Chilean Peso -1.18% Hungarian Forint -1.20% Colombian Peso -1.54% Brazilian Real -1.57% Polish Zloty -1.65% South African Rand -2.36% -3.0% -2.0% -1.0% 0.0% 1.0%

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Emerging Market Currencies: 1-Month Spot Return Russian Ruble +3.92% South African Rand +2.91% South Korean Won +1.70% Mexican Peso +1.62% Indonesian Rupiah +1.52% Taiwanese Dollar +1.40% Thai Baht +1.15% Indian Rupee +1.08% Peruvian Sol +0.77% Philippine Peso +0.64% Singapore Dollar +0.54% Malaysian Ringgit +0.38% Hong Kong Dollar +0.06% Turkish Lira -0.14% Colombian Peso -0.21% Chinese Renminbi -0.44% Chilean Peso -0.70% Bulgarian Lev -0.73% Czech Koruna -1.00% Polish Zloty -1.17% Romanian Leu -1.22% Brazilian Real -2.34% Hungarian Forint -2.57% Argentine Peso -3.42% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0%

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Emerging Market Currencies: YTD Spot Return

Russian Ruble +8.87% Thai Baht +6.85% Indonesian Rupiah +2.38% Philippine Peso +1.19% Mexican Peso +1.01% Peruvian Sol +0.28% Hong Kong Dollar -0.08% Malaysian Ringgit -0.82% Taiwanese Dollar -0.83% Singapore Dollar -1.05% Indian Rupee -1.65% Chinese Renminbi -3.00% Chilean Peso -3.08% Bulgarian Lev -3.85% South African Rand -3.92% Czech Koruna -4.41% Colombian Peso -4.87% Romanian Leu -5.87% Polish Zloty -5.88% South Korean Won -6.08% Brazilian Real -6.69% Hungarian Forint -7.55% Turkish Lira -7.84% Argentine Peso -33.52% -40% -32% -24% -16% -8% 0% 8% 16%

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Major Currencies: 1-Week Spot Return

Japanese Yen +0.46%

Taiwanese Dollar +0.25%

South Korean Won +0.23%

Canadian Dollar +0.07%

Swiss Franc -0.07%

British Pound -0.21%

Mexican Peso -0.25%

Singapore Dollar -0.30%

Euro -0.50%

Danish Krone -0.51%

Norwegian Krone -0.87%

Swedish Krona -1.10%

Brazilian Real -1.58%

Australian Dollar -1.66%

New Zealand Dollar -1.87%

South African Rand -2.37%

-3.0% -2.5% -2.0% -1.5% -1.0% -0.5% 0.0% 0.5% 1.0%

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Major Currencies: 1-Month Spot Return

South African Rand +2.89%

British Pound +2.50%

South Korean Won +1.70%

Mexican Peso +1.62%

Taiwanese Dollar +1.40%

Singapore Dollar +0.54%

Canadian Dollar +0.30%

Australian Dollar -0.19%

Swedish Krona -0.24%

Euro -0.74%

Danish Krone -0.90%

Norwegian Krone -0.92%

Japanese Yen -1.27%

Swiss Franc -1.32%

Brazilian Real -2.32%

New Zealand Dollar -2.46%

-4% -3% -2% -1% 0% 1% 2% 3% 4%

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Major Currencies: YTD Spot Return

Canadian Dollar +2.70%

Japanese Yen +1.94%

Mexican Peso +1.01%

Taiwanese Dollar -0.83%

Swiss Franc -0.91%

Singapore Dollar -1.05%

British Pound -2.19%

Euro -3.92%

South African Rand -3.92%

Danish Krone -3.93%

Australian Dollar -4.03%

Norwegian Krone -4.69%

South Korean Won -6.08%

Brazilian Real -6.71%

New Zealand Dollar -6.86%

Swedish Krona -8.89%

-12% -9% -6% -3% 0% 3% 6%

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 54 Currencies

120 Emerging Market Currencies vs. USD (2013=100) TWD KRW THB PLN RUB ZAR BRL INR TRY MXN

100

80

60

40

source=bloomberg; weekly data 20 2013 2014 2015 2016 2017 2018 2019

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 55 Currencies -Indonesian Rupiah -Malaysian Ringgit -Indian Rupee 130 2015=100

124

118

112

106

100

source=bloomberg; weekly data 94 2015 2016 2017 2018 2019

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 56 Currencies

CFTC Non-Commercial Currency Data

*COT: Non-Commercial Data* Gross Positions Net Positions Spot OI OI Longs Shorts Contracts (000s) Net as CURNCY Rate $bn Chng $bn $bln Chng $bn $bln Chng $bn $bln Chng $bn Level Change % OI

EUR 1.107 69.66 -11.109 22.74 -2.183 32.23 +0.426 -9.49 -2.609 -68.56 -18.72 -13.6%

JPY 108.13 15.14 -2.461 5.88 -0.699 3.12 +0.331 2.76 -1.030 23.86 -8.73 18.2%

GBP 1.250 18.02 -3.840 1.67 -1.259 8.40 -1.650 -6.73 +0.391 -86.12 +6.11 -37.3%

CHF 1.007 6.61 -1.478 1.90 -0.123 2.48 +0.086 -0.57 -0.209 -4.56 -1.66 -8.7%

CAD 1.324 14.18 +0.259 4.68 +0.501 3.18 -0.119 1.50 +0.620 19.82 +8.30 10.6%

AUD 0.687 9.48 -3.033 2.37 -0.165 5.13 -1.050 -2.75 +0.885 -40.08 +12.93 -29.0%

MXN 19.36 4.85 -0.198 3.50 +0.247 1.39 +0.592 2.11 -0.345 81.63 -14.01 43.4%

NZD 0.636 4.35 -0.350 1.01 -0.439 3.30 -0.061 -2.29 -0.378 -36.04 -6.25 -52.7%

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 57 Currencies

Net Speculative US Dollar Bets* (# of contracts) 500,000 vs. Bloomberg Dollar Index 1350

Last: 110,053 Chng: +22,033

Last: 1209.8 1260 250,000

1170

0

1080

-250,000 990

source=Bloomberg, CFTC (weekly data); *Dollar sentiment is inverse of cumulative net spec positions for: EUR + JPY + GBP + CHF + CAD + AUD + NZD + MXN -500,000 900 2012 2013 2014 2015 2016 2017 2018 2019

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 58 Currencies

60 Net Speculative US Dollar Bets* ($bln) --Cumulative vs. --Excluding Euro FX

40

20

0

-20 Last: $15.47 1Wk Chg: +2.67

Last: $5.98 -40 1WK Chg: +0.07

source=CFTC; *inverse of cumulative net spec positions for: EUR+JPY+GBP+CHF+CAD+AUD+MXN+NZD -60 2011 2012 2013 2014 2015 2016 2017 2018 2019

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 59 Currencies

US Dollar Net Spec Bet ($bln) 60 --Level --1Wk Change 30

Last: 15.47 Last: +2.67 40 20

20 10

0 0

-20 -10

-40 -20 2015 2016 2017 2018 2019

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Net Spec Bets: US Dollar ($bln) 40 105 vs. US Dollar (DXY) Index

103

101 20

99

97 0 95

93 Last: 15.47 -20 Last: 98.46 91

89 source=Bloomberg, CFTC (weekly data); *Net Dollar bet is inverse of cumulative net spec positions for: EUR + JPY + GBP + CHF + CAD + AUD + NZD + MXN -40 87 2016 2017 2018 2019

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 61 Currencies

Net Spec Bets: US Dollar minus Gold ($bln) 60 vs. Bloomberg Dollar Index 1300

Last: -26.96 1250 40 Last: 1209.8

1200 20

1150 0

1100

-20 1050 Gold Bullish / -40 Dollar Bearish Sentiment 1000

-60 950

source=Bloomberg, CFTC (weekly data); *Net Dollar bet is inverse of cumulative net spec positions for: EUR + JPY + GBP + CHF + CAD + AUD + NZD + MXN -80 900 2012 2013 2014 2015 2016 2017 2018 2019

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 62 Currencies

US Dollar (DXY) Index 104 0.5 vs. Fed Funds Rate (inverted)

0.7

Last: 98.46 0.9 Last: 1.90% 98 1.1

1.3

92 1.5

1.7

1.9 86 2.1

2.3

80 2.5 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19

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US Dollar (DXY) Index vs. 105 US Dollar as % Global Forex Reserves 67

66 99 Last: 98.46 Last: 61.8%

65 93

64

87

63

81 62

75 61

*Monthly data Forex Reserve data source= IMF: quarterly data (pulled in as monthly) thru: 03/29/19 69 60 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

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106 DXY Index vs. 5y5y Breakeven Inflation Rate (inverted) 1.3

99

1.8

92

2.3

85

source=bloomberg; daily data 78 2.8 2014 2015 2016 2017 2018 2019

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 65 Currencies

105 US Dollar (DXY) Index vs. Gold ($/oz, inverted) 900

Last: 98.46 100 Last: 1,516.9 1100

95

1300

90

1500

85

1700 80

QE3 *weekly data 75 1900 2012 2013 2014 2015 2016 2017 2018 2019

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 66 Currencies

105 US Dollar (DXY) Index vs. Crude Oil ($/bbl, inverted) 10

100 Last: 98.46 30 Last: 58.09

95 50

90 70

85 90

80 110

*weekly data; *Generic 1st Crude Oil contract 75 130 2012 2013 2014 2015 2016 2017 2018 2019

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 67 Currencies

USD/CAD (inverted) vs. 1.12 Western Canada Select Crude Oil Spot Price ($/bbl) 59

54

1.18 Last: 1.326 Last: 45.39 49

44 1.24

39

1.30 34

29

1.36 24

19 1.42

14

*weekly data 1.48 9 2015 2016 2017 2018 2019

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 68 Currencies

5.0 USD/NOK (inverted) vs. Brent Crude ($/bbl) 140

120 5.9

100

6.8

80

7.7 Last: 9.062 Last: 64.77 60

8.6 40

*weekly data; *Generic 1st Brent Crude contract 9.5 20 2012 2013 2014 2015 2016 2017 2018 2019

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 69 Currencies

25 USD/RUB (inverted) vs. Brent Crude ($/bbl) 135

35

105

45

55 75

Last: 64.01 Last: 64.77 65

45

75

*weekly data; *Generic 1st Brent Crude contract 85 15 2012 2013 2014 2015 2016 2017 2018 2019

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 70 Currencies JP Morgan Emerging Market Currency Index 100 vs. Brent Crude ($/bbl) 130

91 100

82

70

73

40 64

source=bloomberg; weekly data 55 10 2013 2014 2015 2016 2017 2018 2019

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 71 Currencies

105 AUD/JPY vs. Copper ($/lb) 3.5

3.32 Last: 72.776 Last: 2.59 98 3.14

2.96

91 2.78

2.6

84 2.42

2.24

77 2.06

1.88

*weekly data 70 1.7 2014 2015 2016 2017 2018 2019

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 72 Currencies

1.5 EUR/USD vs. 10yr Bund-Treasury Spread 0.5

0 1.4

-0.5 1.3

-1

1.2

-1.5

Last: 1.1 1.1017 Last: -2.246 -2

1.0 -2.5

*weekly data 0.9 -3 2011 2012 2013 2014 2015 2016 2017 2018 2019

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 73 Currencies

130 USD/JPY vs. 10yr Treasury-JGB Spread 3.6

Last: 107.56 3 Last: 1.937

115

2.4

100 1.8

1.2

85

0.6

*weekly data 70 0 2004 2006 2008 2010 2012 2014 2016 2018 2020

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140 USD/JPY vs. Nikkei 26000

Last: 107.56 Last: 22079.1 126 22000

112 18000

98 14000

84 10000

*weekly data 70 6000 2011 2012 2013 2014 2015 2016 2017 2018 2019

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 75 Currencies

7.3 Offshore Yuan vs. Onshore Yuan 0.16 --Gap

Last: 7.1243 7.1 Last: 7.0916 0.12 Gap: 0.0327

6.9 0.08

6.7 0.04

6.5 0

sourc=bloomberg; daily data 6.3 -0.04 Nov-18 Feb-19 May-19 Aug-19

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 76 Currencies

7.3 USD/CNY vs. USD/CNY Mid-Rate Fix 0.36 --Gap

Last: 7.0916 7.1 Last: 7.0730 Gap: 0.0186 0.24

6.9

0.12

6.7

0 6.5

source=bloomberg; daily data 6.3 -0.12 Nov-18 Feb-19 May-19 Aug-19

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 77 Currencies

7.2 USD/CNY vs. US Dollar (DXY) Index 110

Last: 7.0916 1Wk Chg: +0.0123

6.9 Last: 98.462 102 1Wk Chg: +0.205

6.6 94

6.3 86

6.0 78 2013 2014 2015 2016 2017 2018 2019

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 78 Currencies

3.5 US 10yr Yield vs. USD/CNY 7.5

7.3 Last: 1.723 Last: 7.092

7.1 2.8

6.9

6.7

2.1 6.5

6.3

*Daily data 1.4 6.1 2017 2018 2019

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7.86 USD/HKD vs. USD/CNY 8.2

7.7

7.83

7.2

6.7

7.80

Last: 7.8367 6.2 Last: 7.0916

7.77 5.7 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 80 Currencies

108 Renminbi Basket vs. US Dollar (DXY) Index 105

100 104

95

100

90

96 Last: 90.19 Last: 98.46 85

92 source=Bloomberg 80

Jan. 1, 2017: addition of 11 currencies to RMB basket drops US weighting to 22.4% from 26.4% 88 75 2015 2016 2017 2018 2019

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0.162 CNY/USD vs. EUR/USD 1.28

0.157 1.21

0.152

1.14

0.147

1.07 0.142

source=bloomberg; weekly data 0.137 1 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19

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6.2 Yuan (inverted) vs. Emerging Markets (EEM) 53.5

50.5 6.4

47.5

6.6

44.5

6.8

41.5

7.0 38.5

source=bloomberg; weekly data (Onshore Yuan CNY, iShares MSCI Emerging Mkts. ETF) 7.2 35.5 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 83 Currencies 6.2 Yuan (inverted) vs. CRB Spot Raw Industrials Index 540

6.4 518

6.6 496

6.8 474

7.0 452

source=bloomberg; weekly data (Onshore Yuan CNY) 7.2 430 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19

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24 China RRR vs. USD/CNY (inverted) 5.8

6.3

18

6.8

7.3

12

7.8

source=bloomberg, People's Bank of China (required deposit reserve ratio for major banks); weekly data 6 8.3 2007 2009 2011 2013 2015 2017 2019

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 85 Currencies 109 CPI-Based Broad Effective Exchange Rates (5.9.17=100) --US --China

106

103

100

97

94

source=bloomberg, JP Morgan; daily data 91 2017 2018 2019

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 86 Currencies

US Dollar (DXY) Index vs. 100 US Dollar (DXY) Index 3-Month Risk Reversal 1.25

1 98 Last: 98.46 Last: -0.0017 0.75 96

0.5 94

0.25

92 0

90 -0.25 Dollar Bearish

88 -0.5

86 -0.75 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19

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US 10yr Yield vs. 3.5 US Dollar (DXY) Index 3-Month Risk Reversal 1

Last: 1.723 0.75 Last: -0.0017

0.5 2.8

0.25

0

2.1 Dollar Bearish -0.25

-0.5

1.4 -0.75 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19 May-19 Aug-19 Nov-19

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Gold ($/oz) vs. 1,570 US Dollar (DXY) Index 3mo Risk Reversal (inverted) -1

-0.8 Last: 1,516.9 1,480 Last: -0.0017 -0.6

-0.4

1,390 -0.2

0

1,300 0.2

0.4

1,210 0.6

0.8

1,120 1 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19

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Emerging Markets (EEM, inverted) vs. 36 US Dollar (DXY) Index 3-Month Risk Reversal 1.1

0.88 39 Last: 41.61 Last: -0.0017 0.66

42 0.44

45 0.22

0 48

Dollar Bearish -0.22

51 -0.44

54 -0.66 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 90 Currencies DXY Index vs. 103 Citi USD FX Positioning Alert Indicator (PAIN) 90

60 99

30

95

0

91 -30

source=bloomberg; weekly data 87 -60 2017 2018 2019

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 91 Currencies

US Dollar Bullish (UUP) Fund Flows ($mln):

120 12-Week 1-Week 150

Last: -21.45 125 Last: -53.67 60 100

0 75

50 -60 25

-120 0

-25 -180 -50

*dailly data thru: 09/19/19 -240 -75 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 92 US Dollar Bearish (UDN) Fund Flows ($mln): 20 12-Week 1-Week 90

Last: +4.20 Last: 0.00 10

60

0

-10 30

-20

0

-30

*dailly data thru: 09/19/19 -40 -30 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19

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Share of Payments via SWIFT (Top 8) 50 Left Scale: -USD -EUR Rt Scale: -GBP -JPY -CNY -CAD -AUD -CHF 20

18

40 16

14

30 12

10

20 8

USD: 40.01% CNY: 2.22% 1.50% 6 EUR: 33.93% HKD: data thru: 07/31/19 GBP: 6.98% CAD: 1.82% AUD: 1.62% 10 JPY: 3.63% 4

2

source=Society For Worldwide Interbank Financial Telecommunication 0 0 2011 2012 2013 2014 2015 2016 2017 2018 2019

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 94 Currencies

48 Share of SWIFT Payments in USD vs. 67 US Dollar as % Global Forex Reserves

66 Last: 40.01% Last: 61.8% 42 65

64

36

63

62 30

61

*SWIFT data monthly thru: 07/31/19 Forex Reserve data source= IMF: quarterly data (pulled in as monthly) thru: 03/29/19 24 60 2011 2012 2013 2014 2015 2016 2017 2018 2019

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 95 Currencies

S&P 500 Sales Growth Y/Y vs. 20 US Trade-Weighted Broad Dollar Y/Y (6mo lead, inverted) -15

-10

10 -5

0

0

5

10 -10

15

source=Bloomberg, Federal Reserve; monthly data -20 20 2005 2007 2009 2011 2013 2015 2017 2019

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 96 Currencies

-16 US Trade-Weighted Broad Dollar y/y (inverted) vs. 15 S&P 500 Revenue Per Share y/y (8mo lag)

10 -8

5

0

0

8

-5

16 -10

source=bloomberg; weekly data 24 -15 2005 2007 2009 2011 2013 2015 2017 2019

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 97 Currencies

Data for week ending: 09/20/19

% CHANGE 1WK 4WK 3MO 6MO 1YR

BITCOIN -1.31% -2.18% +1.97% +160.07% +51.09%

BITCOIN CASH +4.92% +0.18% -27.98% +118.60% -36.94%

DASH +6.65% +2.96% -41.14% +7.06% -52.73%

EOS +4.84% +6.58% -44.22% +4.34% -35.37%

ETHEREUM +19.55% +12.23% -26.39% +59.23% -10.78%

ETHEREUM CLASSIC +0.16% -10.24% -28.65% +38.75% -46.44%

LITECOIN +9.11% -0.94% -46.00% +27.61% +23.25%

MONERO -1.60% -11.67% -31.92% +39.44% -40.53%

XRP +13.66% +4.97% -34.37% -7.60% -45.20%

ZCASH +9.74% -4.27% -55.41% -8.74% -61.06%

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 98 Currencies CRYPTO MARKET CAP (TOP 25 ) (all data from coinmarketcap.com) MARKET CAP 7-DAY CHANGE Bitcoin $182,214,300,137 -1.5% Ethereum $23,358,084,835 +20.2% XRP $12,517,517,059 +13.8% Bitcoin Cash $5,628,985,269 +4.9% Litecoin $4,711,258,240 +8.6% Tether $4,115,740,072 -0.1% EOS $3,643,588,311 +5.2% Binance $3,319,417,435 +2.3% Bitcoin SV $2,195,769,277 +4.1% Stellar $1,468,772,590 +27.4% Cardano $1,329,224,640 +12.3% Monero $1,258,523,961 -2.1% TRON $1,146,047,872 +11.8% UNUS SED LEO $1,083,668,487 +2.5% Huobi Token $1,004,056,088 +0.9% Dash $874,066,728 +5.0% IOTA $858,571,276 +27.9% Tezos $699,119,338 +8.7% Ethereum Classic $696,837,718 -0.4% NEO $667,003,721 +5.6% Chainlink $628,004,952 +13.9% Cosmos $589,645,237 -0.9% Maker $544,170,621 +19.6% Ontology $437,652,143 +9.6% NEM $415,356,993 +5.6%

TOTAL: $255,405,383,000 +1.93%

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 99 Currencies

20,000 Bitcoin

Last: 10,135.9 1Wk Chg: -134.7 16,000 50DMA 10,378.3 100DMA 9,701.7 200DMA 6,902.1

%Change 12,000 5-day -1.3% 30-day -14.6% 90-day 42.6%

8,000

4,000

0 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19 May-19 Aug-19

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1,800 Bitcoin Cash

Last: 312.2 1,500 1Wk Chg: +14.7 50DMA 310.4 100DMA 353.7 200DMA n/a

1,200

%Change 5-day +4.9% 30-day -0.2% 900 90-day -12.7%

600

300

0 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19

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1,000 Ethereum

Last: 216.3 1Wk Chg: +35.4 50DMA 200.4 100DMA 228.8 750 200DMA n/a

%Change 5-day +19.5% 30-day +3.4% 500 90-day -7.3%

250

0 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19

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250 Litecoin

Last: 74.35 1Wk Chg: +6.21 200 50DMA 80.5 %Change 100DMA 95.4 5-day +9.1% 200DMA n/a 30-day -12.0% 90-day -14.3%

150

100

50

0 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19

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1.2 Ripple

Last: 0.2895 1Wk Chg: +0.035 1.0 50DMA 0.287 %Change 100DMA 0.341 5-day +13.7% 200DMA n/a 30-day -1.2% 90-day -21.9%

0.8

0.6

0.4

0.2 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 104 Currencies

20 EOS

16 Last: 5.7300 1Wk Chg: +0.280 50DMA 6.234 100DMA 9.307

12 %Change 5-day +5.1% 30-day +2.1% 90-day -67.6%

8

4

0 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18

09/20/19 Meridian Macro Research LLC Tel: 212-679-0094 [email protected] Menu 105 Currencies

75 Crypto Performance June 2018 - Present

50 Bitcoin +34.5% Ripple -52.8% Litecoin -37.6% Ethereum -62.7% 25

0

-25

-50

-75

-100 6/1/18 8/1/18 10/1/18 12/1/18 2/1/19 4/1/19 6/1/19 8/1/19

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40 Bitcoin Trust (GBTC) 600

32 Last: 12.8 1Wk Chg: +0.21 500

24 400

16

300

8

Net Asset Value: 9.939 200 0 Premium to NAV: 28.8%

100 -8

-16 0 Apr-17 Aug-17 Dec-17 Apr-18 Aug-18 Dec-18 Apr-19 Aug-19

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20,000 Gold vs. Bitcoin 1600

Last: 1,516.9 Last: 16,000 10,135.9 1500

12,000 1400

8,000 1300

4,000 1200

0 1100 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19

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7.4 Offshore Yuan vs. Bitcoin 14000

12000

7.0 10000

8000

6.6 6000

4000

source=bloomberg; daily data 6.2 2000 May-18 Aug-18 Nov-18 Feb-19 May-19 Aug-19

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5,600 Bitcoin: Non-Commercial --Longs --Shorts # of contracts, futures only

4,800 Last: 2,502 Change: +55

Last: 3,572 4,000 Change: +174

3,200

2,400

1,600

800 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19

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Bitcoin: Net Non-Commercial Position 0 # of contracts, futures only

-300

-600

-900 Last: -1,070 Change: -119

-1,200

-1,500 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19

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14,000 Bitcoin Spot vs. Bitcoin Futures 12000

12,000 9000 Last: 10,180.0 Last: 10,135.9 10,000

6000 8,000

6,000 3000 Futures Premium: 44.06

4,000

0 2,000

*Generic 1st Bitcoin Futures 0 -3000 Jan-19 Mar-19 May-19 Jul-19 Sep-19

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12,000 Crypto Market 10 Index vs. Galaxy Crypto Index 1350

Last: 6,223.3 9,800 1wk %Chg: +2.7% 1090 Last: 433.42 1wk %Chg: +10.32%

7,600 830

5,400 570

3,200 310

*BBG Galaxy Crypto (Bitcoin, Ethereum, XRP, Litecoin, Bitcoin Cash, EOS); Crypto 10 (top 10 cryptos) 1,000 50 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19

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75,000 Bitwise Indices --Large-Cap Crypto 10 --Mid-Cap Crypto 20

50,000

25,000

source=bloomberg; weekly data 0 Feb-17 Jun-17 Oct-17 Feb-18 Jun-18 Oct-18 Feb-19 Jun-19

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18,100 Total Number Of Bitcoins In Circulation (000s)

Last: 17,946.0 17,700 30day Chng: +58.20

17,300

16,900

source=blockchain.com 16,500 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19

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Bitcion US Exchange Trade Volume 25,000 (10-day sum $Mln)

20,000 Last: 992.8 30day Chg: -42.66%

15,000

10,000

5,000

source=blockchain.com 0 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19

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500,000 Total Number Of Bitcoin Transactions Per Day

Last: 346,110 400,000 30day Chg: +3.84%

30-day average: 327,719

300,000

200,000

source=blockchain.com 100,000 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19

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350,000 Bitcion Market Cap. ($Mln)

Last: 179,395.0 270,000 7day Chg: -2.02% 30day Chg: -6.68%

190,000

110,000

source=blockchain.com 30,000 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19

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4.0 Bitcoin Market Cap. relative to Value of Total Known Gold + Silver ETF Holdings

3.5

3.0

Last: 1.39

2.5

2.0

1.5

1.0

0.5

source=bloomberg, coinmarketcap.com 0.0 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19

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180 Cost Per Bitcoin Transaction ($) (miner revenue divided by # of transactions)

150

Last: 54.49 30day Chg: -13.74% 120

90

60

30

source=blockchain.com 0 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19

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3,000 Average Transactions Per Block

Last: 2,339 30day Chg: +7.35% 2,400

30-day average: 2,122

1,800

1,200

source=blockchain.com 600 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19

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45,000 Total Number Of Blockchain Wallet Users (thousand)

36,000 Last: 42,097.5 30day Chng: +747.4

27,000

18,000

9,000

source=blockchain.com 0 2012 2013 2014 2015 2016 2017 2018 2019

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