Market Briefing: MSCI Currency Indexes Yardeni Research, Inc. October 1, 2021 Dr. Edward Yardeni 516-972-7683 [email protected] Joe Abbott 732-497-5306 [email protected] Please visit our sites at www.yardeni.com blog.yardeni.com thinking outside the box Table Of Contents TableTable OfOf ContentsContents 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 October 1, 2021 / MSCI Currency Indexes Yardeni Research, Inc. www.yardeni.com All Country World MSCI Figure 1. 800 865 750 ALL COUNTRY WORLD MSCI INDEX 815 700 (ratio scale) 10/1 765 650 715 665 600 Local currency 615 550 565 500 US$ 515 450 465 400 415 350 365 300 315 250 265 200 215 yardeni.com 150 165 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 23 24 Source: MSCI. Figure 2. 1.00 1.00 ALL COUNTRY WORLD MSCI INDEX CURRENCY RATIO (US$ index / local currency index) .95 .95 .90 .90 10/1 .85 .85 .80 .80 yardeni.com .75 .75 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 23 24 Source: MSCI. Page 3 / October 1, 2021 / MSCI Currency Indexes Yardeni Research, Inc. www.yardeni.com All Country World ex-US MSCI Figure 3. 500 400 ALL COUNTRY WORLD EX-US MSCI INDEX 450 (ratio scale) 10/1 350 400 Local currency 350 300 US$ 300 250 250 200 200 150 150 yardeni.com 100 100 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 23 24 Source: MSCI. Figure 4. 1.1 1.1 ALL COUNTRY WORLD EX-US MSCI INDEX CURRENCY RATIO (US$ index / local currency index) 1.0 1.0 .9 .9 .8 .8 10/1 .7 .7 yardeni.com .6 .6 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 23 24 Source: MSCI. Page 4 / October 1, 2021 / MSCI Currency Indexes Yardeni Research, Inc. www.yardeni.com BRIC MSCI Figure 5. 1050 550 950 BRIC MSCI INDEX 850 (ratio scale) 10/1 450 750 650 Local currency 350 550 450 US$ 250 350 250 150 150 yardeni.com 50 50 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 23 24 Source: MSCI. Figure 6. 1.1 1.1 BRIC MSCI INDEX CURRENCY RATIO (US$ index / local currency index) 1.0 1.0 .9 .9 .8 .8 .7 .7 .6 .6 .5 .5 10/1 yardeni.com .4 .4 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 23 24 Source: MSCI. Page 5 / October 1, 2021 / MSCI Currency Indexes Yardeni Research, Inc. www.yardeni.com Developed Europe MSCI Figure 7. 2500 2600 DEVELOPED EUROPE MSCI INDEX (ratio scale) 2100 2200 Local currency 10/1 1700 1800 US$ 1300 1400 900 1000 yardeni.com 500 600 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 23 24 Source: MSCI. Figure 8. 1.5 1.5 DEVELOPED EUROPE MSCI INDEX CURRENCY RATIO (US$ index / local currency index) 1.4 1.4 1.3 1.3 1.2 1.2 1.1 10/1 1.1 1.0 1.0 .9 .9 yardeni.com .8 .8 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 23 24 Source: MSCI. Page 6 / October 1, 2021 / MSCI Currency Indexes Yardeni Research, Inc. www.yardeni.com Developed World ex-US MSCI Figure 9. 1600 2700 DEVELOPED WORLD EX-US MSCI INDEX (ratio scale) 1400 10/1 2300 Local currency 1200 1900 US$ 1000 1500 800 1100 600 yardeni.com 400 700 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 23 24 Source: MSCI. Figure 10. 2.2 2.2 DEVELOPED WORLD EX-US MSCI INDEX CURRENCY RATIO (US$ index / local currency index, daily) 2.1 2.1 2.0 2.0 1.9 1.9 1.8 1.8 1.7 10/1 1.7 1.6 1.6 1.5 1.5 1.4 1.4 yardeni.com 1.3 1.3 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 Source: MSCI. Page 7 / October 1, 2021 / MSCI Currency Indexes Yardeni Research, Inc. www.yardeni.com EAFE MSCI Figure 11. 350 350 EAFE MSCI INDEX (ratio scale) 325 300 10/1 300 Local currency 275 250 250 US$ 225 200 200 175 150 150 125 yardeni.com 100 100 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 23 24 Source: MSCI. Figure 12. ***** Chart Not Available ***** Task: MSCIEAFEPR-LOCAL1 Error: Invaid equation element ; or missing series 10-01-2021 - 18:03:55 Page 8 / October 1, 2021 / MSCI Currency Indexes Yardeni Research, Inc. www.yardeni.com Emerging Markets MSCI Figure 13. 89000 1600 EMERGING MARKETS MSCI INDEX (ratio scale, daily) 1400 69000 10/1 1200 Local currency 1000 49000 US$ 800 600 29000 400 yardeni.com 9000 200 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 23 24 Source: MSCI. Figure 14. .40 .40 EMERGING MARKETS MSCI CURRENCY RATIO (US$ index / local currency index, daily) .35 .35 .30 .30 .25 .25 .20 .20 10/1 yardeni.com .15 .15 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 23 24 Source: MSCI. Page 9 / October 1, 2021 / MSCI Currency Indexes Yardeni Research, Inc. www.yardeni.com EM Asia MSCI Figure 15. 1300 1000 1150 EMERGING MARKETS ASIA MSCI INDEX 900 (ratio scale) 10/1 1000 800 850 700 Local currency 600 700 US$ 500 550 400 400 300 250 200 yardeni.com 100 100 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 23 24 Source: MSCI. Figure 16. 1.00 1.00 EMERGING MARKETS ASIA MSCI INDEX CURRENCY RATIO (US$ index / local currency index) .95 .95 .90 .90 .85 .85 .80 .80 .75 .75 .70 .70 .65 .65 10/1 .60 .60 .55 .55 yardeni.com .50 .50 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 23 24 Source: MSCI. Page 10 / October 1, 2021 / MSCI Currency Indexes Yardeni Research, Inc. www.yardeni.com EM Eastern Europe MSCI Figure 17. 575 475 EMERGING MARKETS EASTERN EUROPE MSCI INDEX 465 400 (ratio scale) 10/1 325 355 Local currency 250 245 US$ 175 135 100 yardeni.com 25 25 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 23 24 Source: MSCI. Figure 18. 1.2 1.2 EMERGING MARKETS EASTERN EUROPE MSCI INDEX CURRENCY RATIO (US$ index / local currency index) 1.1 1.1 1.0 1.0 .9 .9 .8 .8 .7 .7 .6 .6 .5 .5 10/1 yardeni.com .4 .4 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 23 24 Source: MSCI. Page 11 / October 1, 2021 / MSCI Currency Indexes Yardeni Research, Inc. www.yardeni.com EM Latin America MSCI Figure 19. 10750 6500 EMERGING MARKETS LATIN AMERICA MSCI INDEX 10/1 8750 (ratio scale) 5500 4500 6750 Local currency 3500 US$ 4750 2500 2750 1500 yardeni.com 750 500 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 23 24 Source: MSCI. Figure 20. 1.0 1.0 EMERGING MARKETS LATIN AMERICA MSCI INDEX CURRENCY RATIO (US$ index / local currency index) .9 .9 .8 .8 .7 .7 .6 .6 .5 .5 .4 .4 .3 .3 10/1 yardeni.com .2 .2 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 23 24 Source: MSCI. Page 12 / October 1, 2021 / MSCI Currency Indexes Yardeni Research, Inc.