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Acronym Name Description A$ Australian dollar   AUD Australian dollar   BLS Bureau of Labor Statistics The Bureau of Labor Statistics is the principal fact-finding agency for the Federal Government in the broad field of labor economics and statistics. BOC Bank of Canada   BOE Bank of England   BOJ Bank of Japan   BOM Bank of Mexico   Bp(s) Basis point(s) A unit of measurement that is equal to 1/100th of 1%. C$ Canadian dollar   CAD Canadian dollar   — Carry Trade A strategy that attempts to capture the difference in interest rates between a relatively high yielding currency and a relatively low yielding currency. An investor sells the lower yielding currency and uses the proceeds to purchase a higher yielding currency. CHF Swiss franc   — Core Inflation Core Inflation is a measurement of inflation that strips out some of the most volatile components in an attempt to give a better picture of the true underlying inflation trend. CPI Consumer Price Index The Consumer Price Index (CPI) is a measure of inflation that reflects changes in the prices paid by urban consumers for a representative basket of goods and services. DXY Dollar index The US Dollar Index® is a calculation of six currencies weighted against the US dollar: the euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc. The index is also referred to as USDX. ECB European Central Bank The European Central Bank defines and implements the monetary policy for the euro area. EUR  Euro   Euribor Euro Interbank Offered Rate The rate at which a prime bank is willing to lend funds in euro to another prime bank. The EURIBOR is calculated daily for interbank deposits with a maturity of one week and one to 12 months as the average of the daily offer rates of a representative panel of prime banks. FOMC Federal Open Market Committee The FOMC sets the short-term objective for open market operations--the purchases and sales of U.S. Treasury and federal agency securities--the Federal Reserve's principal tool for implementing monetary policy. FRB Federal Reserve Board The Board of Governors is a governmental agency of the Federal Reserve System and composed of seven members who are appointed by the President and confirmed by the Senate. The Board of Governors is responsible for domestic and international economic analysis; with other components of the System, for the conduct of monetary policy; for supervision and regulation of certain banking organizations; for operation of much of the nation's payments system; and for administration of most of the nation's laws that protect consumers in credit transactions. GBP British pound   GDP Gross Domestic Product The broadest measure of aggregate economic activity encompassing every measure of the economy; it measures consumption, government spending, investments and net exports. It is often used as a measure of a country's economic health. HICP Harmonised Index of Consumer Prices The HICP is the measure of prices used by the Governing Council of The European Central Bank to define and assess price stability in the euro area as a whole in quantitative terms. The index of consumer prices calculated and published by Eurostat, the Statistical Office of the European Union, on the basis of a statistical methodology that has been harmonised across all EU Member States. ISM Institute of Supply Management The Institute of Supply Management tracks data that reflect the economic health of the manufacturing sector—a major source of cyclical variability in the economy. The ISM manufacturing data give a detailed look at the manufacturing sector, how busy it is and where things are headed. The Federal Reserve keeps a close watch on such data to help it determine the direction of interest rates. JPY Japanese yen   LIBOR London Interbank Offered Rate LIBOR is the rate of interest at which banks borrow funds from each other, in marketable size, in the London interbank market. MXN Mexican peso   OECD Organisation for Economic Co-Operation and Development The Organisation for Economic Co-operation and Development is an organization 30 member countries which work together to address the economic, social and governance challenges of globalisation as well as to exploit its opportunities. OFHEA Office of Fair Housing Enterprise Oversight Government regulatory body overseeing Fannie Mae and Freddie Mac PCE Personal Consumption Expenditures A measure of price changes of goods and services purchased by individuals. PMI Purchasing Managers Index  A sentiment indicator for manufacturing and of the economy as a whole. Through a survey of purchasing executives across hundreds of industrial companies, the PMI is a composite index based on the seasonally adjusted diffusion indices for five of the indicators with varying weights: New Orders; Production; Employment; Supplier Deliveries; and Inventories. An index reading above 50 percent indicates that economic activity is generally expanding; below 50 percent, that it is generally declining. The index is maintained by the Institute for Supply Management. PPI Producer Price Index The Producer Price Index (PPI) measures the average change over time in the selling prices received by domestic producers for their output. The prices included in the PPI are from the first commercial transaction for many products and some services. RBA Reserve Bank of Australia The Reserve Bank of Australia's (RBA) is the central bank of Australia. Its main responsibility is monetary policy. Other major roles are maintaining financial system stability and promoting the safety and efficiency of the payments system. SAAR Seasonally Adjusted Annualized Rate   SEK Swedish krona   SNB Swiss National Bank   SONIA Sterling Overnight Interbank Average Rate  The Sterling Overnight Interbank Average tracks actual Sterling overnight funding rates experienced by market participants. — Tankan Index A quarterly survey of business sentiment based upon surveys sent to Japanese companies. TIC Treasury International Capital  The Treasury International Capital (TIC) reporting system collects data for the United States on cross-border portfolio investment flows and positions between U.S. residents (including U.S.-based branches of firms headquartered in other countries) and foreign residents (including offshore branches of U.S. firms). USD U.S. Dollar   — V-Shaped Recovery  A short-lived contraction lasting around two quarters. ZEW Zentrum für Europäische Wirtschaftsforschung (Centre for European Economic Research) The ZEW is a non-profit economic research institute which carries out economic research, economic counselling and knowledge transfer.

Past Performance is no guarantee of future results. All currency commentary and data have been prepared by Foreign Exchange Analytics (FXA). The opinions and forecasts expressed herein are solely those of FXA, and in no way represent the advice, opinion or recommendations of Rydex Investments, its affiliates or related companies. Although Rydex Investments believes the information from FXA is reliable, because of the possibility of human or mechanical error, Rydex Investments cannot, and does not guarantee or warrant the accuracy, adequacy, completeness or suitability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Nothing contained herein should be construed as a solicitation to by or sell any securities. This information is subject to change at any time, based on market and other conditions. FXA and Rydex Investments are not affiliated. Currency investing may not be suitable for all investors. Currency markets can be extremely volatile resulting in fluctuations in the price of the currency which could materially and adversely affect the value of an investment. There are several factors which can increase the volatility of a foreign currency including, but not limited to: national debt levels and trade deficits; domestic and foreign inflation and interest rates and investors expectations concerning inflation and interest rates; global and regional political, economic or financial events and situations. Before making an investment decision, investors should consult their financial professional regarding the risks of investing and other factors involved in currency investing.