⚠️Automatic translation pending review by an economist.
Over the course of a year, many economies have seen their currencies depreciate by more than 30% against the US dollar. This is the case for Brazil (Real) and, to a lesser extent, Turkey (Lira). This trend is more pronounced for countries that produce and export raw materials, are sensitive to changes in Chinese economic activity, import energy/food products, or are subject to significant foreign capital outflows. The gradual rise in US interest rates in 2016 could accentuate this phenomenon, assuming that this increase has not already been anticipated.
