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Foreign Exchange Rates

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The S&P 500 has declined 18% in the past year, and the NASDAQ has fallen 52%. One might expect foreign investors to have liquidated some of their U.S. holdings and reinvested the proceeds abroad; such reinvestment would cause the U.S. dollar to depreciate against other national currencies. With the exception of the Hong Kong (Hang Seng) index, however, which dropped more than 90%, most major international stock markets significantly outperformed the NASDAQ and performed comparably to other U.S. stock indexes. Moreover, the U.S. dollar has appreciated greatly against most of the world’s currencies.

Suggested citation: "Foreign Exchange Rates," Federal Reserve Bank of Cleveland, Economic Trends, no. 01-05, pp. 08, 05.01.2001.

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