Benchmarking against competitive exchange rates

The past two years have seen significant relative shifts in exchange rates on the back of broad dollar weakness. The burden of sharing the decline in the dollar has, however, not been evenly spread. The FX universe has split into those tagging the dollar, and the remainder that have taken the full brunt of its decline. This has led to marked competitive divergences that increase the risk of heightened FX volatility.

The broadest measure of competitiveness is the trade-weighted index (TWI), a

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