Who Will Win the Race to the Bottom in the Latest Currency War?

CURRENCY SAXO CAPITAL MARKETS WARS WHO IS WINNING THE RACE TO THE BOTTOM? The global currency wars are heating up as central banks around the world step up efforts to devalue their currency. Which of these eight major currencies will win the race to the bottom? Standing: 8th Currency: AUD % change since 2010*: +12.06% Standing: 7th Currency: CHF % change since 2010*: +6.10% Standing: 6th Currency: CAD % change since 2010*: +0.70% $4 Standing: 5th Currency: GBP % change since 2010*: -1.48% Standing: 4th Currency: USD % change since 2010*: -2.44% Standing: 3rd Currency: ZAR % change since 2010*: -8.55% Standing: 2nd Currency: EUR % change since 2010*: -9.20% Standing: 1st Currency: JPY % change since 2010*: -18.12% * According to data on real effective exchange rates published by the Bank for International Settlements on June 17, 2013. CURRENCY WINNERS GENERAL CLASSIFICATION (REAL GDP %) While currency devaluation has reduced the relative cost of exports in these countries, it has done little to boost economic output with the largest currency manipulators experiencing only a small uptick in growth. 2013** 2012 AUSTRALIA 3. 3.6 SOUTH AFRICA 2.8 2.5 R UNITED STATES 1.9 2.2 24 JAPAN 1.6 2 CANADA 1.5 1.8 SWITZERLAND 1.3 2 UK 0.7 0.2 EA 0.3 -0.6 ** Expected general classification according to the April 2013 IMP World Economic Outlook Report. SOURCES: Federal Reserve Bank of St Louis FRED Economic Data: http://research.stlouisfed.org/fred2/ World Gold Council, Gold Demand Trends 2012: http://www.gold.org/investment/research/regular_reports/gold_demand_trends/ Bloomberg Market Data: http://www.bloomberg.com/markets Federal Reserve: http://federalreserve.gov/monetarypolicy/fomcminutes20130320ep.htm This infographic has been produced for information purposes only and should not be considered as investment advice. Trading margin products can result in losses that exceed your initial deposit. Saxo Capital Markets UK Limited is a company authorised and regulated by the Financial Conduct Authority, registration Number 551422. Registered address: 26th Floor, 40 Bank Street, Canary Wharf, London E14 5DA. %24 ИГ %24 2.