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1 FTSE Russell | Monthly Performance Report - Local Currency October 2018

Market Maps

Monthly Performance Report

October 2018

Local Currency Edition

Mounting macroeconomic uncertainty drives widespread volatility and defensive leadership

Global Asset Classes

In a global retreat from risk, US and international equities fell in October. After initial weakness, US

government bonds rallied in the latter half of the month, buoyed by their safe haven status.

Commodities were mixed, with gold up and oil lower. (pg. 3)

Global Equity Markets

October losses were widespread, with the US, Europe, Japan and emerging markets sharply lower.

South Korea paced developed market declines, while China led the emerging markets sell-off. (pg. 4)

Regional Industry Groups

Defensive industries outperformed globally amid increased risk aversion. Utilities, health care and

telecom stocks generally held up, while cyclical sectors, including industrials, materials, energy and

technology were hit hardest. (pg. 5)

Regional Style and Factors

Small caps underperformed large caps globally, while growth trailed value across most regions. (pg. 8)

Foreign Exchange

The US dollar strengthened versus the Chinese yuan, euro and sterling. The yen was the exception,

rising versus the dollar amid higher safe haven demand. (pg. 9).

Despite a late rally, global equity markets registered large negative returns in October. This was in response to hawkish Fed commentary indicating rate hikes are likely to continue

despite slowing global growth and simmering US-China trade tensions. The question facing markets now is whether valuations adequately reflect current global macro risks.

Key market market moves in October 2018 (%)

-11.4

-10.9

-8.7

-8.6

-7.6

-6.9

-2.6

-0.4

2.0

3.2

8.8

9.5

FTSE China (LC, TR)

Russell 2000 (LC, TR)

FTSE All-World Technology Sector (LC, TR)

Oil ($/Bbl)

FTSE Italy (LC, TR)

FTSE All-World (LC, TR)

EUR vs USD

FTSE US 7-10yr Govt Bond (LC, TR)

Gold ($/Oz)

Russell Global Defensive/Dynamic (LC, TR)

Brazilian Real vs USD

FTSE Brazil (LC, TR)

Source: FTSE Russell and Refinitiv. Yield in percentage terms. Data as of October 31 2018. Past performance is no guarantee

of future results. Please see the end for important legal disclosures.


Market Events

Markets tumbled globally as mounting macro risks clouded earnings visibility. Hawkish Fed commentary reminded

investors rate hikes are likely to continue despite slowing global growth and simmering US-China trade tensions. Signals from the ECB and Bank of Japan added to worries

about “quantitative tightening” and an impending change in the global monetary environment.

October’s equity losses were widespread, with the US, Europe, Japan and emerging markets all in retreat. South

Korea paced developed market declines, while China led emerging markets on the downside. Small caps and growth stocks underperformed globally.

US government and corporate bonds fell as rates rose, though late-month haven buying limited declines.

Commodities declined broadly as global growth jitters dented demand prospects. Gold was the exception as

investors flocked to safe havens.

• An agreement replacing NAFTA, renamed the United

States-Mexico-Canada Agreement (USMCA), was

reached. It must be ratified by the US Congress.

• Italian bond yields rose in response to tension between

Italian government and EU over budget levels.

• September CPI rose 2.8% YoY. Core CPI rose 2.2%.

• The PBOC cut the bank reserve requirement ratio to

14.5% from 15.5%, the fourth cut this year.

• The IMF downgraded its 2018 and 2019 global GDP

growth forecast to 3.7%, 0.2 percentage-points lower for both years than forecast in April.

• Saudi Energy Minister announced an oil production

increase to 10.7 million barrels per day, aimed at offsetting sanction-related declines in Iranian oil output.

• Despite healthy Q3 earnings reports, many companies

cited the trade uncertainties and the impact of tariffs on costs as reasons for cautious guidance.

• Preliminary US Q3 GDP grew at a 3.5% annualized rate,

slightly ahead of consensus forecasts.

October 2018

FTSE All-World®, LC, TR Source: FTSE Russell. Data as of October 31, 2018. Past performance is no guarantee of future results. Please see the end for important legal disclosures.

October Main Events

85

90

95

100

105

110

115

120

125

Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18

Russell 1000 vs FTSE All-World ex US Indexes (Local Currency, TR, Rebased)

Russell 1000 FTSE All-World ex US

FTSE All-World®, LC, TR Source: FTSE Russell. Data as of October 31, 2018. Past performance is no guarantee of future results. Please see the end for important legal disclosures.

Trade war

concerns ease

FOMC

adopt more hawkish

tone

Trump tax plan

approved by Congress

Fed minutes point to

optimism about growth

outlook-relatively dovish about inflation

New Italian

government rattles

markets

China cuts RRR

Trump ratchets trade threats

with China and Europe

ECB announces QE taper to start

in 2018

Strong Q3

US tech earnings

Catalonia declares

independence

US raises rates

US FAANG

stocks impacted by regulatory

concerns

Facebook

misses earnings expectations.

FAANG stocks hit

Fed

raises rates

Tightening

US financial conditions

rattles emerging

markets

US wage

growth rises to a 9-year high

Surge in US

wage growth generates con-

cern about inflation

US Q4 GDP

weaker than expected

Markets globally

sell-off on growth con-

cerns, hawkish Fed tone and

ongoing US-

China trade tensions. US

Bond yields briefly spike to

3.25%

Italian budget proposal threatens

stand off against the EU

Trump im-poses tariffs

on $200bn Chinese

goods


Regional Asset Class Returns – 1M vs YTD % (Local Currency, TR)

The Russell 1000 has breached its 200-day moving average only three times since 2009.

Tightening US financial conditions, slowing Chinese growth, simmering trade tensions combined to cloud the economic and profit outlook and

ignited a resurgence in risk aversion.

Equity losses were widespread. South Korea posted the largest

developed-market declines, while China led emerging-market losses. Brazilian stocks were the rare bright spot, rallying on optimism surrounding its presidential elections (see page 4).

Large caps outperformed small caps globally, and value trailed growth across most regions (see page 8).

US government and corporate bonds fell as interest rates rose. However, late-month haven demand limited declines.

Commodities declined broadly as signs of slowing global growth dented

demand prospects. Gold proved the exception, edging higher amid a spike in risk aversion.

The US dollar rose versus the Chinese yuan, euro and sterling and weakened versus the yen on safe haven demand.

October Observations

-6.9

-6.9

-6.9

-10.9

-7.1

-5.2

-4.9

-6.7

-5.6

-9.3

-9.1

-6.8

2.0

-3.6

1.2

-8.6

-2.6

-2.0

0.7

-1.5

0.4

-1.5

2.9

-6.3

-0.6

2.7

-4.4

-3.9

-6.6

-4.2

-7.0

-11.0

-9.2

-6.8

-16.2

-2.7

13.7

-5.7

-5.5

-0.2

-6.7

0.1

All-World

United States

All-World ex US

Russell 2000

Russell 1000

All-Share (UK)

100 (UK)

250 (UK)

Europe ex UK

Japan

Asia Pacific ex Japan

Emerging

Gold (USD)

Copper (USD)

Commodity Index

Brent Crude Oil

EUR vs USD

GBP vs USD

JPY vs USD

CNY vs USD

GBP vs EUR

Commodities (Capital Return)

Foreign Exchange Returns

Equity Markets

-0.4

1.3

0.8

0.2

0.5

1.2

0.5

-0.7

-1.2

0.0

-0.5

-1.6

-1.2

-0.5

-0.5

-4.4

0.4

3.4

-3.1

0.1

1.4

-0.2

0.7

6.1

2.4

-2.6

-4.1

-0.2

-1.5

1.1

-1.1

-2.9

0.1

-7.8

1.1

0.5

US 7-10 Year

UK 7-10 Year

German 7-10 Year

Japan 7-10 Year

France 7-10 Year

China 7-10 Year

EM 7-10 Year

World Inv Grade

US Inv Grade

Euro Inv Grade

EM Inv Grade

US HY

Euro HY

EM HY

US 5 Year

US 10 Year

UK 5 Year

UK 10 Year

Inflation Linked Bonds

Corporate Bonds

Government Bonds

1M LC YTD LC

Source: FTSE Russell and Refinitiv. Data as of October 31, 2018. Equity markets data based on: FTSE All-World®, FTSE All-Share®, Russell 2000®, Russell 1000®, FTSE World ex US, FTSE Europe ex UK, FTSE Japan, FTSE Asia Pacific ex Japan and FTSE Emerging indexes. Past performance is no guarantee of future results. Please see the end for important legal disclosures.

600

900

1200

1500

1800

2100

2400

2700

3000

3300

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Russell 1000 and Russell 1000 200-Day Moving Average

Russell 1000 Index

200-Day Moving Average


Global Equity Market Returns – 1M vs YTD % (Local Currency, TR)

The October downdraft brought 12-month-forward PE multiples back to January 2016 lows.

BRIC stock performance diverged in October, marked by strong gains in Brazil and continued declines in China and India.

Source: FTSE Russell and Refinitiv. All data as of October 31, 2018. Equity market data based on: FTSE Regional, FTSE Developed, FTSE All-World BRIC and Russell 1000® Indexes. Emerging market country performance data based on FTSE China, FTSE South Africa, FTSE India, FTSE Brazil, FTSE Russia, FTSE Mexico, FTSE Taiwan, FTSE Turkey, FTSE Indonesia and FTSE Malaysia. Past performance is no guarantee of future results. Please see the end for important legal disclosures.

-1.2

-4.1

-4.4

-4.9

-5.4

-5.6

-5.8

-5.9

-6.2

-6.9

-6.9

-7.0

-7.1

-7.5

-7.6

-7.7

-7.9

-9.3

-9.3

-11.5

-11.9

Switzerland

Israel

Spain

UK

Norway

Canada

Netherlands

Australia

Germany

Developed

Finland

France

United States

Singapore

Italy

Denmark

Sweden

Belgium/Lux

Japan

Hong Kong

Korea

9.5

-0.9

-4.8

-5.4

-5.5

-6.5

-6.8

-8.9

-10.5

-10.8

-11.4

Brazil

Indonesa

Russia

India

Malaysia

South Africa

Emerging

Turkey

Taiwan

Mexico

China

-4.9

-5.6

-6.8

-6.9

-6.9

-6.9

-6.9

-7.1

-9.1

-9.3

UK

Europe ex UK

Emerging

All-World BRIC

All-World

All-World ex US

Developed

US

Asia Pac ex Japan

Japan

9.4

8.5

7.7

2.7

1.8

-0.1

-0.3

-0.5

-0.7

-4.1

-4.2

-4.3

-7.0

-8.0

-9.1

-9.4

-9.9

-10.0

-15.3

-15.3

-17.3

Israel

Finland

Norway

United States

Sweden

France

Australia

Switzerland

Developed

UK

Netherlands

Canada

Japan

Singapore

Spain

Italy

Denmark

Germany

Belgium/Lux

Hong Kong

Korea

15.1

4.4

-1.3

-4.1

-5.2

-7.9

-9.2

-9.8

-15.7

-18.5

-19.6

Brazil

Russia

Taiwan

India

Malaysia

Indonesa

Emerging

Mexico

South Africa

Turkey

China

2.7

-0.7

-1.5

-4.1

-4.2

-6.3

-7.0

-9.2

-10.8

-11.0

US

Developed

All-World

UK

Europe ex UK

All-World ex US

Japan

Emerging

All-World BRIC

Asia Pac ex Japan

FTSE Regions 1M - Local Currency

FTSE Developed 1M - Local Currency

FTSE Emerging 1M - Local Currency

FTSE Regions YTD - Local Currency

FTSE Developed YTD - Local Currency

FTSE Emerging YTD - Local Currency

4

6

8

10

12

14

16

18

20

22

2010 2011 2012 2013 2014 2015 2016 2017 2018

Regional I/B/E/S Consensus 12 Month Forward PE Ratios

Russell 1000

FTSE UK

FTSE Europe ex UK

FTSE Japan

75

80

85

90

95

100

105

110

115

Jul-18 Aug-18 Sep-18 Oct-18

Selected FTSE BRIC Country Index Returns in USD (Rebased)

Brazil India China


Regional Industry Group Returns – 1M % (Local Currency, TR, Relative)

Source: FTSE Russell. All data as of October 31, 2018. Equity markets data based on: FTSE US, FTSE UK, FTSE Europe ex UK, FTSE Japan and FTSE Asia Pacific ex Japan Indexes and Industry Classification Benchmark (ICB®) industry groups. Bottom RH chart represented by Russell 1000 Defensive Index and Russell 1000 Dynamic Index. Past performance is no guarantee of future results. Please see the end for important legal disclosures.

October Observations

Looking at the respective relative performance of regional industry groups

this month, we highlight the following:

In a broad meltdown that spared almost no industry, defensive industries

strongly outperformed cyclicals globally (see chart below) as investors

gravitated to less economically sensitive stocks.

Health care and bond-proxy utility and telecom stocks fell less than broad

market benchmarks across most major markets.

Cyclical sectors, notably industrials, materials, energy and technology,

were among the worst performers globally.

Technology stocks were particularly hard hit in reaction to discouraging

guidance from high-profile industry leaders and concerns over softening

global demand.

-4.8

-2.9

-3.7

5.9

0.3

-1.4

7.2

9.3

2.1

-1.4

0.7

1.1

-6.0

1.8

4.3

-1.7

0.0

7.8

0.0

-5.8

-0.1

-3.1

-2.8

1.5

3.1

1.1

8.3

2.4

-1.2

-2.9

-1.2

-4.0

-1.6

-0.9

-0.6

2.9

-5.1

6.1

4.7

0.9

-2.6

1.6

-1.1

-1.3

-1.7

-1.0

5.1

5.3

2.2

-3.4

-8 -6 -4 -2 0 2 4 6 8 10

Oil & Gas

Basic Materials

Industrials

Consumer Goods

Health Care

Consumer Services

Telecommunications

Utilities

Financials

Technology

FTSE Regional 1M Returns in Relative Terms

US UK Europe ex UK Japan Asia Pac ex Japan

Global defensives outpaced global cyclicals as jitters over slowing world growth sparked a resurgence in risk aversion.

92

94

96

98

100

102

104

Oct-16 Apr-17 Oct-17 Apr-18 Oct-18

Russell Global Defensive Index Relative to Russell Global Dynamic Index (Cyclicals) (Rebased)


Sector Performance Comparison – 1M % (Local Currency, TR)

Source: FTSE Russell and Refinitiv. All data as of October 31, 2018. Past performance is no guarantee of future results. Please see the end for important legal disclosures.

-11.3

-11.2

-12.1

-9.5

-9.8

-7.7

-11.8

2.4

-10.3

-12.1

-11.2

-10.9

-10.2

-13.8

-9.4

-7.8

-1.4

2.6

0.5

0.6

1.1

-16.4

-10.5

7.9

-6.1

-6.3

-6.2

-7.8

-9.1

-13.1

-10.1

-2.9

-9.3

-10.1

-9.0

-6.1

-12.4

-10.9

-5.1

-9.5

-6.7

-9.1

-5.9

-0.5

-9.9

-11.3

-8.3

-2.7

OIL & GAS

Producers

Equip & Services

BASIC MATERIALS

Chemicals

Forestry & Paper

Industrial Metals

Mining

INDUSTRIALS

Construction & Materials

Aerospace & Defense

General Industrials

Electronic Equip

Industrial Eng

Industrial Transport

Support Serv

CONSUMER GOODS

Autos & Parts

Beverages

Food Producers

HH Goods & Home Cons

Leisure Goods

Personal Goods

Tobacco

-6.6

-6.9

-6.4

-8.2

-1.1

-12.9

0.6

-4.5

-0.2

-0.1

-3.0

1.8

2.0

1.1

-4.9

-4.1

-4.6

-9.9

-6.8

-8.1

-8.7

-7.4

-4.9

-10.0

-3.6

-7.2

-2.8

-7.7

-8.1

-8.1

-4.8

0.3

-8.9

-2.1

-1.4

-3.1

-5.8

-5.9

-3.3

-8.5

-4.7

-10.6

-12.9

-8.5

HEALTH CARE

Health Care Equip & Serv

Pharma & Biotech

CONSUMER SERVICES

Food & Drug Retailers

Gen Retailers

Media

Travel & Leisure

TELECOMMUNICATIONS

Fixed-Line Telecoms

Mobile Telecoms

UTILITIES

Electricity

Gas, Water & MU

FINANCIALS

Banks

Nonlife Insurance

Life Insurance

Fin Services

TECHNOLOGY

Software

Tech Hardware

FTSE US FTSE All-World ex US

OIL & GAS

BASIC MATERIALS

INDUSTRIALS

CONSUMER GOODS

HEALTH CARE

CONSUMER SERVICES

COMMUNICATIONS

UTILITIES

FINANCIALS

TECHNOLOGY

The FTSE US is significantly overweight technology versus global peers and underweight financials and consumer goods.

Despite declines, US software and tech hardware sectors continued to outperform their global peers in October. underperformedunderperformedtperformance versus its global

0

5

10

15

20

25Sector Weights (%) - FTSE US vs FTSE All-World

ex US

FTSE US FTSE All-World ex US

Software

Tech Hardware

Pharma & Biotech

Gen Retailers

Health Care Equip

Banks

Oil & Gas Prod

Fins Servs

Media

Gen Industrials

-10

-5

0

5

10

15

0 2 4 6 8 10 12 14

1-M

onth

Rela

tive R

etu

rn (

%)

Sector Weight (%)

FTSE US Sector 1-Month Relative Total Return vs Sector Weight (%)


Exposures to information technology and pharma and biotech drove Russell 1000 outperformance versus the Russell 2000.

Russell 1000 vs 2000 Sector Performance Comparison – 1M % (Local Currency, TR)

Source: FTSE Russell and Refniitiv. All data as of October 31, 2018. Equity market data based on: Russell 1000® and Russell 2000®. Past performance is no guarantee of future results. Please see the end for important legal disclosures.

-8.5

-11.6

-7.9

-8.0

-7.0

-3.0

-10.9

-6.6

-8.3

3.9

-11.2

-6.4

-5.1

0.6

-12.9

1.7

2.1

1.0

-11.6

-15.7

-11.1

0.0

-11.9

-10.4

-13.2

-10.2

-15.0

-8.7

-12.6

-17.9

-10.0

-10.0

-8.8

-6.3

-12.0

-10.2

-10.2

-2.1

-2.2

-1.8

-16.5

-19.2

-15.9

2.5

TECHNOLOGY

Electronics

Info Technology

Telecoms

HEALTH CARE

Health Care Services

Medical Equip & Serv

Pharma & Biotech

CONSUMER DISCRETIONARY

Auto & Auto Parts

Cons Products

Cons Services

Leisure

Media

Retail

CONSUMER STAPLES

Food, Bev & Tobacco

Personal Care, Drug & Gro Stores

ENERGY

Energy Equip & Serv

Non-Renewable Energy

Alternative Energy

-10.2

-12.4

-10.5

-10.0

-9.2

-10.8

-14.8

-10.9

-10.0

-11.1

-7.3

-5.3

-4.4

-8.8

-5.6

-4.6

-9.7

-2.1

0.7

-16.1

-19.3

-16.4

-14.6

-14.3

-10.4

-14.6

-12.1

-11.7

-9.1

-7.7

-7.7

-8.8

-10.9

-6.3

-9.6

-12.4

-5.4

-4.3

MATERIALS & PROCESSING

Building Mats

Chemical & Synthetics

Ind Materials & Processes

Metals & Minerals

PRODUCER DURABLES

Machinery

Manufacturing & Prod

Scientific Inst & Serv

Transport & Freight

Commercial Serv

FINANCIAL SERVICES

Banks

Cons Finance & Credit Serv

Insurance

Inv Banking & Brokerage

Real Estate

REITS

UTILITIES

Russell 1000 Russell 2000

TECHNOLOGY

HEALTH CARE

CONSUMER DISCRETIONARY

CONSUMER STAPLES

MATERIALS & PROCESSING

PRODUCER DURABLES

FINANCIAL SERVICES

UTILITIES

ENERGY

0

5

10

15

20

25

30US Large vs Small Cap Sector Weights (%)

Russell 1000 Russell 2000

The Russell 1000 Index is overweight technology and underweight financials compared to the Russell 2000 Index.

Info TechInv Banking

Retail

Building Mats

Pharma & Biotech

Cons Products

Com Servs

-10

-5

0

5

10

15

20

-5 0 5 10 15

1-M

onth

Rela

tive R

etu

rn (

%)

Differences between R1000 and R2000 Sector Weights (%)

Russell 1000 vs. Russell 2000 Sector 1-Month Relative Total Return vs Differences in Sector Weights

(%)


Regional Size, Factor and FTSE4Good Performance - 1M vs YTD % (Local Currency, TR)

Source: FTSE Russell and Refinitiv. All data as of October 31, 2018. Equity market data based on: FTSE Regional, FTSE Developed Indexes. Past performance is no guarantee of future results. Returns shown for UK Value, Europe ex UK Value, Japan Value, and Asia Pacific ex Japan Value Indexes represent hypothetical, historical performance. Please see the end for important legal disclosures.

-10.8

-10.5

-8.7

-9.9

-8.4

-9.4

-10.3

-10.4

-9.1

-11.4

-7.2

-5.0

-7.2

-7.0

-5.4

-6.8

-4.6

-4.9

-7.1

-6.7

-4.9

-5.5

-4.3

-6.2

-10.9

-8.3

-7.1

-8.9

-5.2

-15 -10 -5 0

Small Cap

Mid Cap

Large Cap

Growth

Value


FTSE4Good Japan

Small Cap

Mid Cap

Large Cap

Growth

Value

Japan

FTSE4Good Europe

Small Cap

Mid Cap

Large Cap

Growth

Value

Europe ex UK

FTSE4Good UK

Small Cap

Mid Cap

Large Cap

Growth

Value

UK

FTSE4Good US

Small Cap

Mid Cap

Large Cap

Growth*

Value*

USA

1M

US

Asia Pac ex Japan

Japan

Europe ex UK

UK

-14.5

-11.5

-7.0

-8.2

-7.5

-5.7

-11.7

-9.6

-6.3

-7.9

-6.2

-4.1

-6.1

-4.6

-4.5

-3.5

-6.3

-3.6

-7.8

-6.6

-3.9

-5.5

-2.7

4.3

-0.6

-1.5

2.7

6.6

-1.5

-20 -10 0 10

Small Cap

Mid Cap

Large Cap

Growth

Value


FTSE4Good Japan

Small Cap

Mid Cap

Large Cap

Growth

Value

Japan

FTSE4Good Europe

Small Cap

Mid Cap

Large Cap

Growth

Value

Europe ex UK

FTSE4Good UK

Small Cap

Mid Cap

Large Cap

Growth

Value

UK

FTSE4Good US

Small Cap

Mid Cap

Large Cap

Growth*

Value*

USA

YTD

US

Asia Pac ex Japan

Japan

Europe ex UK

UK

Large caps held up better than small caps in October’s global shift from risk.

The recent rout has seen a rotation from growth to value across most regions.

92

94

96

98

100

102

104

106

108

110

Oct-17 Jan-18 Apr-18 Jul-18 Oct-18

Regional Large Cap Relative to Small Cap Returns (Rebased, LC)

US (Russell) UK

Europe ex UK Japan


82

85

88

91

94

97

100

103

106

109

112

115

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

Regional Value Index Returns Relative to Growth (LC, Rebased)

Russell 1000UKEurope ex UKJapanAsia Pacific ex Japan


The major EM currencies were modestly lower in October, with the Mexican peso holding up best year to date.

Foreign Exchange Returns %

Source: FTSE Russell and Refinitiv. All data as of October 31, 2018. Past performance is no guarantee of future results. Please see the end for important legal disclosures.

-32.1

-16.3

-13.7

-11.0

-10.5

-9.3

-8.0

-6.7

-6.5

-5.9

-5.7

-5.5

-4.4

-3.5

-3.4

-3.4

-2.7

-0.2

Turkish Lira

South African Rand

Indian Rupee

Brazilian Real

Swedish Krona

Australian Dollar

New Zealand Dollar

Chinese Yuan

South Korean Won

Danish Krone

Euro

Pound Sterling

Canadian Dollar

Singapore Dollar

Swiss Franc

Mexican Peso

Norwegian Krone

Japanese Yen

FX Moves vs USD - YTD

-8.0

-4.3

-3.4

-3.0

-2.8

-2.6

-2.6

-2.6

-2.2

-2.0

-2.0

-1.9

-1.5

-1.5

-1.4

0.7

8.4

8.8

Mexican Peso

South African Rand

Norwegian Krone

Swedish Krona

South Korean Won

Swiss Franc

Danish Krone

Euro

Australian Dollar

Pound Sterling

Indian Rupee

Canadian Dollar

New Zealand Dollar

Chinese Yuan

Singapore Dollar

Japanese Yen

Turkish Lira

Brazilian Real

FX Moves vs USD - 1M

-12.0

-10.2

-8.3

-7.4

-4.8

-4.4

-4.1

-3.4

-3.3

-3.2

-2.7

-2.5

-2.3

-1.8

-1.7

-1.1

-0.9

1.0

Turkish Lira

South African Rand

Mexican Peso

Indian Rupee

Australian Dollar

New Zealand Dollar

Swedish Krona

Danish Krone

Norwegian Krone

Euro

Pound Sterling

South Korean Won

Chinese Yuan

Swiss Franc

Singapore Dollar

Canadian Dollar

Japanese Yen

Brazilian Real


-32.1

-12.5

-12.1

-8.6

-7.6

-5.8

-4.9

-4.8

-4.5

-3.9

-3.2

-3.1

-2.9

-2.1

-2.0

-1.6

-1.1

0.6

Turkish Lira

Indian Rupee

Brazilian Real

Swedish Krona

Australian Dollar

Mexican Peso

Chinese Yuan

New Zealand Dollar

South African Rand

Pound Sterling

Norwegian Krone

Danish Krone

Euro

South Korean Won

Canadian Dollar

Singapore Dollar

Swiss Franc

Japanese Yen


The USD firmed against the Chinese yuan, euro and pound, but weakened versus the yen amid higher haven demand.

92

94

96

98

100

102

104

106

108

110

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

FX Moves vs USD (Rebased)

EUR

GBP

JPY

CNY

50

60

70

80

90

100

110

120

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

Selected Emerging Market FX Moves vs USD (Rebased)

Brazilian Real

Indian Rupee

Mexican PesoTurkish Lira

Chinese Yuan


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