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1 © Copyright Allianz

Economic Research

| May 14, 2018

Economic Research

Frankfurt/Main

May 14, 2018

EXCHANGE

RATES

2 © Copyright Allianz

Economic Research

| May 14, 2018

NOMINAL EFFECTIVE EXCHANGE RATE (INDEX)

Source: Thomson Reuters Datastream.

3 © Copyright Allianz

Economic Research

| May 14, 2018

EXCHANGE RATES AGAINST US DOLLAR

Source: Thomson Reuters Datastream.

4 © Copyright Allianz

Economic Research

| May 14, 2018

EXCHANGE RATES AGAINST US DOLLAR

Source: Thomson Reuters Datastream.

5 © Copyright Allianz

Economic Research

| May 14, 2018

EXCHANGE RATES AGAINST US DOLLAR

Source: Thomson Reuters Datastream.

6 © Copyright Allianz

Economic Research

| May 14, 2018

EXCHANGE RATES AGAINST EURO

Source: Thomson Reuters Datastream.

7 © Copyright Allianz

Economic Research

| May 14, 2018

EXCHANGE RATES AGAINST EURO

Source: Thomson Reuters Datastream.

8 © Copyright Allianz

Economic Research

| May 14, 2018

EXCHANGE RATES AGAINST EURO

Source: Thomson Reuters Datastream.

9 © Copyright Allianz

Economic Research

| May 14, 2018

EXCHANGE RATES AGAINST EURO

Source: Thomson Reuters Datastream.

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