Download Table 2.4 - Banco de España

2.4. BILATERAL EXCHANGE RATES AND NOMINAL AND REAL EFFECTIVE EXCHANGE
RATE INDICES FOR THE EURO, US DOLLAR AND JAPANESE YEN
.
Series depicted in chart.
Average of daily data
Indices of the nominal effective
exchange rate vis-à-vis the (a)
developed countries 1999 QI=100
Exchange rates
Indices of the real effective exchange rate
vis-à-vis the developed countries (b)
1999 QI=100
Based on consumer prices
US dollar
per
ECU/euro
.
1
Japanese yen Japanese yen
per
per
ECU/euro
US dollar
2
.
3
.
Euro
US dollar
Euro
4
5
Based on producer prices
Japanese
yen
6
7
US dollar
.
8
.
Japanese
yen
.
9
Euro
10
US dollar
11
Japanese
yen
12
14
15
16
1.3286
1.1095
1.1065
140.38
134.29
120.30
105.87
121.06
108.79
101.8
92.3
94.8
82.3
95.7
95.8
98.8
94.6
106.7
97.9
88.4
90.1
92.5
107.1
108.0
70.8
68.2
76.2
97.0
89.3
91.4
101.4
112.6
110.7
68.4
65.5
71.7
16 J-M
17 J-M
1.1140
1.0747
125.70
121.11
112.90
112.71
94.4
94.6
96.2
98.4
102.1
104.5
89.8
90.0
108.0
...
73.2
...
91.3
90.6
110.6
...
69.3
...
16 Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
1.1100
1.1339
1.1311
1.1229
1.1069
1.1212
1.1212
1.1026
1.0799
1.0543
125.39
124.29
123.21
118.45
115.25
113.49
114.22
114.47
116.93
122.39
112.97
109.61
108.95
105.48
104.13
101.23
101.87
103.83
108.35
116.11
94.1
94.8
95.1
94.7
94.9
95.2
95.4
95.5
95.0
94.2
96.0
93.6
93.8
93.6
94.8
93.6
94.0
95.8
97.8
99.9
102.0
103.9
104.8
108.7
111.2
113.7
113.0
112.2
108.6
102.4
89.5
90.1
90.5
90.3
90.4
90.6
90.7
90.8
90.2
89.6
107.5
105.1
105.6
105.5
107.1
105.9
106.3
108.2
110.5
112.9
73.0
74.3
74.8
77.4
79.2
81.0
80.4
80.1
77.7
73.0
91.0
91.6
91.8
91.6
91.6
91.8
91.8
91.8
91.1
90.4
110.1
108.2
108.8
109.1
110.2
108.4
108.9
110.9
112.8
115.4
69.4
70.2
70.4
72.7
74.3
75.9
75.3
74.6
72.6
68.7
17 Jan
Feb
Mar
Apr
May
1.0614
1.0643
1.0685
1.0723
1.1058
122.14
120.17
120.68
118.29
124.09
115.08
112.91
112.96
110.32
112.24
94.4
93.9
94.4
94.1
96.0
99.1
98.2
98.8
98.2
97.5
102.9
104.5
104.5
106.8
103.6
89.8
89.5
89.8
89.6
91.2
113.1
112.1
112.3
...
...
73.4
74.1
73.9
...
...
90.4
90.0
90.4
90.1
91.9
115.0
113.8
114.5
...
...
69.1
70.3
70.1
...
...
EXCHANGE RATES
INDICES OF THE REAL EFFECTIVE EXCHANGE RATE BASED ON
CONSUMER PRICES VIS-À-VIS THE DEVELOPED COUNTRIES
US DOLLAR PER ECU-EURO
JAPANESE YEN PER US DOLLAR/100
JAPANESE YEN PER ECU-EURO/100
1.5
Indices
1.5
1.4
1.4
1.3
1.3
1.2
120
Indices
120
110
110
100
100
90
90
80
80
70
70
60
60
1.2
1.1
1.1
1.0
0.9
EURO
US DOLLAR
JAPANESE YEN
1.0
2014
2015
2016
2017
0.9
50
2014
2015
2016
2017
50
Sources: ECB and BE.
a. Geometric mean calculated using a double weighting system based on (1995-1997),(1998-2000), (2001-2003), (2004-2006) and (2007-2009) manufacturing trade of changes in
the spot price of each currency against the currencies of the other developed countries. A fall in the index denotes a depreciation of the currency against those of
the other developed countries.
b. Obtained by multiplying the relative prices of each area/country (relation betwen its price index and the price index of the group) by the nominal effective exchange rate.
A decline in the index denotes a depreciation of the real effective exchange rate and, may be interpreted as an improvement in that area/country’s competitiveness.
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BANCO DE ESPAÑA / ECONOMIC INDICATORS