Only two currencies, the Swiss franc and the Norwegian krone, look dear relative to the dollar
FEATHERS WERE ruffled in America in the great chicken-sandwich war of 2019, an online fight involving rival brands and their aficionados. But for economics enthusiasts the fast-food dish of choice will always be a McDonald’s Big Mac, whose price underlies the’s light-hearted guide to global exchange rates.
Which currencies are most over- and under-valued by this measure? Only two, the Norwegian krone and Swiss franc, look dear relative to the dollar. Elsewhere, currencies seem cheap, and some have become more so. In Chile, which has been rocked by anti-government protests since October, the peso is now undervalued by 40% against the dollar according to our index. The Turkish lira, meanwhile, is undervalued by a whopping 61% against the greenback.
Looking ahead, most economists expect growth in the global economy to accelerate in 2020, and the dollar to depreciate. For Mr Trump, who has an appetite for both Big Macs and a weak dollar, this would be something to relish.
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