In April 2016, we published From Dollar Dominance to Divergence, a resource to help investors understand the behavior of currencies by presenting analysis of historical currency momentum, valuation, and fundamentals in five key base currencies: US dollar (USD), British pound (GBP), euro (EUR), Swiss franc (CHF), and Japanese yen (JPY).

This chart book provides updated analysis and commentary as we continue to believe investors need to understand how their base currency behaves against other major currencies through periodic review of charts like the ones we present here. For more on developing a currency hedging policy, please see our 2016 report, Strategic Currency Hedging Policy: A New Framework.