The Complete World Currency War Heatmap

Tyler Durden's picture

A regular feature back in 2010 when we had our first taste of global currency warfare as Brazil's finance minister accurately summarized when he said "a currency war has broken out" (and yes: currency war existed then, and especially in the 1930s which led to the Great Depression, long before the recent eponymous book came out desperate to take credit for this simplistic concept) were the global FX heatmaps which showed how any given currency is doing on any given day. Since currency warfare is now back and more violent than at any time in the past 80 years, it only makes sense to bring back a long-time reader favorite: the currency warfare heatmaps which show who, on any given day, is winning and losing, the global race to debase and in the process beggar all globalized and SWIFT-interlinked neighbors. But don't forget: in a relativistic fiat world, nobody can actually win the global race to debase. Well, not nobody: gold (and other precious metals) can, assuming it is not confiscated as it was the last time the US ended the global currency war with a 50%+ devaluation of the USD relative to gold... and promptly confiscated all gold.

Legend for the charts below for any given currency:

  • red indicates a given country/insolvent monetary union is winning the FX debasement war relative to any given currency;
  • green indicates it is losing it.

Below are the currency warfare charts for today:

USD - doing solidly well, trouncing Brazil, South Africa, India, Canada and Russia showing Europe who is boss. The only clear winners against King Dollar: tiny Iceland.

EUR - not too shabby either, mauling Brazil, South Africa and landlocked Switzerland, but retreating against the US, China, Argentina, and of course Iceland.

JPY - today's clear winner, except again for Iceland which just like in Risk, remains a key strategic hotspot for anyone hell bent on destroying their currency. 

GBP - the biggest loser today, is this once powerful colonial nation, whose currency has appreciated against most of the world.


But one day is tactics. One year is strategy. Here is what the fallout of currency warfare over the past year looks like. The undisputed winner of the past year's currency nuke out is...

JPY - That's right: the Japanese Yen is the winner by a mile from all the coordinated currency intervention in the past year: not one country has managed to destroy its currency nearly by as much. The only problem now is if China will actually agree to import any of Japan's products and services any time soon, as not even a JPY at 0.00 will help much unless this key export market remains shut over that whole island fiasco.

Since every clear winner needs a clear loser, here it is:

EUR - the European currency has soared in the past year, and in the process has made life for both its export industry and its current account next to impossible. One can only hope the ECB can reponzify as much capital into the troubled nations to offset the increasing trade isolation of the insolvent continent, which will soon have to figure out a way to boost German exports or else. 

Curiously, the USD is doing only so-so despite the fact that it has been long priced in that Bernanke will print some $1+ trillion in 2013, and another $1 trillion in 2014, and so on.

As for Cable, well, Mark Carney has yet to introduce the BOE to just how Goldman suicides your currency:

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Glass Seagull's picture



Any fool can print, but the winners of the FX war are those with sophisticated financial and communitcations networks. 

FL_Conservative's picture

The only answer is to go print another $10TT asap.  We'll show everyone else how it's done.  Get to work, Mr. Chairman.


BTW, FUCK YOU, Bernanke.

SafelyGraze's picture

the solution is as simple as it is obvious: the world needs a single, central monetary authority to smooth out the fluctuations among the present antiquated national currencies

Kitler's picture

And it will eventually have it, combined with the eradication of all national sovereignty for good measure.

Winner takes all you know.

Lucius Cornelius Sulla's picture

Only terrorists will resist.

AgAu_man's picture

All resistors will be branded 'terrorists', if they haven't already been laid off, made destitute, isolated, marginalized, arrested or 'suicided'.

TheFourthStooge-ing's picture

All resistors will be banded, with colored bands, to indicate the degree of their resistance.

kw2012's picture

Um, that would cause MASSIVE deleveraging and instant global depression as countries could not print their own money.

TPTB_r_TBTF's picture

global depression will be good for the environment.

global depression is green.  TPTB want a cleaner planet. 

The sheeple will need to cut back on their consumption.  TPTB will own everything at that point, so global markets wonT matter any more.  Profits donT matter if you own everything.

FL_Conservative's picture

That's close to the stupidist thing I've ever heard.

hooligan2009's picture

was the other one "yes we can"? :>) 

sure hope it wasn't "you will take it out at the right time won't you?" - thats q ..not....well never mind..

lasvegaspersona's picture

Will we have a new world anthem? I hate having to learn new songs and learning to salute new ways.

e_goldstein's picture

Right, and goose stepping seems so passe.


FL_Conservative's picture

If a "simple" solution is what you want, then all we need to do is go back to a gold standard that sufficiently locks down the volume of currency each country can put into circulation.  But don't hold your breath for that happening.  It would make too much sense and wouldn't allow central bankers and their pet politicians to manipulate the game to their advantage....which is why it will never happen.  At least not until the whole deal collapses.

Tall Tom's picture

Currency??? Anthor Paper Gold Ponzi Scheme? That is what the Bretton Woods US Dollar was. We printed more currency than there was Gold backing them. France called the bluff and the USA DEFAULTED.


Now we have a Paper Gold Market with the ETFs. Of course when the Naked Shorts are exposed then they will just raise the price until there are enough sellers to cover their shorts. Yes they can print Dollars as fast as they can print the Paper Gold.


The Nation-States themselves need to be decentralized, divested, and not have any monopoly over money whatsoever.


Yet that has too much to do with Freedom and Liberty and we cannot have that, right?

steve from virginia's picture






"the world needs a single, central monetary authority to smooth out the fluctuations among the present antiquated national currencies ... "


The world using the Singapore- or Hong Kong dollars is not a good idea ... there aren't enough of them to start with.


If humans cannot manage the antiquated national currencies how would they possible manage a trans-national variety?


CrashisOptimistic's picture


Astonishing item.

Sashay over to Bloomberg's economic calendar.  The GDP report for first look 2012 Q4 is tomorrow.

They have crashed "consensus" to 1%.  1%!!!

Goldman said what, 1.5% last week?  BAC 1.7%?

Bloomberg is setting up an absurd, monumental beat.

FYI, anything under 1.6% will yield an average for all of 2012 < 2%.

Stuntgirl's picture

`+ 1 for using the word "sashay"

Ghordius's picture

come on, Tyler "One can only hope the ECB can reponzify as much capital into the troubled nations to offset the increasing trade isolation of the insolvent continent...", pull the other one, it has bells on

do I have to search the ZH archives for that graph that shows that europe is still the trading continent? or how much europeans owe... to other europeans?

next to your brilliance you simply have an anti-EUR bias, methinks - the only reason why I post here, and for my avatar

The ECB has it's rates always too high, the LTRO loans are not to be paid back, stabeeleetee is a French swear word, austerity is for idiots and balancing budgets is for fools - as all plans, particularly if long term oriented

the Germans are going to break away full of furor teutonicus, then the Greeks, the Irish, the Portuguese, the Spaniards and of course the Italians are nearly out, of course

you disliked Berlusconi when he was in power - when Monti followed he was a " GS plant", as Berlusconi's party stopped it's support for the President's technical government you were so happy to hear Mr. B's anti-EUR canvassing

when Sarkozy was French president you could not hate anybody more... except of course when he was followed by - omg! - a true socialist. the perfect image of a red rich-man-eating surrender monkey

you absolutely love Mr. Farage, the head of a party that could not be elected in the UK but - thanks to the proportional electoral system you never mention (perhaps it goes against your anti-continental tastes?) - is elected as English MEP and abstains from voting in the EU parliament

meanwhile Mr. Farage is the very best friend of the City of London banks - was even made a Fellow by that old corporation - and his PM Cameron just promised a referendum on the EU exit if he gets elected again, years away

AND YET YOU NEVER ASK ONE QUESTION: what would have happened without the EUR? I can tell you based on previous currency skirmishes: you would have written tons of articles about which part of the currency grids look fine for a speculative raid - medium sized national banks being the perfect target for Soros "touches". Is that what you miss? should those national banks just trot like lambs to the altar?

You are the undiscussed champion on the exposure of the HFT scam - yet the continental "solution", i.e. raising a very small tax on transactions is against your morals, and will of course doom, doom, doom europe

there is a chance to "lose" this currency war for the EUR, and this chance is increasing, Tyler - I'm not betting on it (though I'm somewhat "naturally exposed") but remember that the EUR/eurozone club was designed with this very scenario prominently in mind - in the same way as the EU was designed with a trade war in mind. You sound like you are still betting against, and I seriously would not advice so

rant end, pls continue your otherwise sterling work

TheGardener's picture

If it speaks like the Bundesbank herself, she probably is speaking. This Ghordius is the Bundesbank on her behalf.

If not we two have been ever :-)

TheGardener's picture

"next to your brilliance you simply have an anti-EUR bias, methinks - the only reason why I post here, and for my avatar"

Next to your recognized brilliance among your German pears
is your status of being paid for your brilliance in kind.

Let me guess : you are a prison inmate with Internet access
; not to bright because they rather hang them selves, if
they ever had skillz, your type here and ready and useless
except for posting survival slogans.

Colonial Intent's picture

Not every member of ZH agrees with every single thing the holy Tyler says.

falak pema's picture

the inconstant gardener...

TheGardener's picture

Sorry to admit and say, I `am fully with you guys.

Thanks for mentioning, I`am up and ready, thinking towards
our ways...

Ghordius's picture

lol - do you have something against me being a fan of ZH? a critical one? plenty of fairly easy targets in my rant to resort to the "paid prisoner of the BuBa ad hom". come on, give it a try, bring some arguments

though I like it: Ghordius, the prisoner of the BundesBank (as a movie a remake of Prisoner of Zelda)

TheGardener's picture

No, sorry for having you dismissed on our chear-up-the euro-team. You will be back on our scheme once funds come available.

While we are talking for real, what makes a man defend the
Euro for havens sake unless he is at least a "Staatsekretar"
within the ECB Bundesbank connection and still allowed to build up a comment base full of endless approval, kind of nice reasonable guy INSPITE of supporting the EURO?

Ghordius's picture

I could write something about my support for more "classical liberal" themes like the reintroduction of a gold standard, banking practice restrictions, better, smarter monitoring of markets, and the endless fight against corruption

Or I could just read ZH, as I did before

I believe in the "public thing" - what the Romans called the "Res Publica", i.e. the republic as the proper political setup for free men and citizens

I also believe that for this "thing" to work you need legions of involved, critically thinking citizens for every "secretary of state"

falak pema's picture

Ghordius and I have our differences about the resilience of the Euro group to crisis.

But we agree that ZH is excellent as an analyst of the market and financial world but leaning to libertarian ideology when it comes to making a synthetic overview of world interactivity. 

One thing I contend, but which is totally unverifiable in retrospect, is to appreciate if the ZH position, as of 2008, would not have precipitated a crisis that was worth inflicting on the world. 

I totally agree that as of JAn 1 2009 what has happened is unacceptable and we should have stopped the propagation of the Ponzi by stifling financialisation world wide; something that ZH has never openly espoused, as it means not only killing the TBTF but killing the whole derivatives and shadow banking shooting match world wide. Something that the trading community feels destroys the market and reintroduces government controls. 

ZH does not support the position I support of making banking and markets go back to PRE 1980 days, before Reaganomics, incorporating in addition, a solution to FED/PD generated fiat bonanza of fractional reserve of the 70s. 

Making the market eat its derivatives crap and making floating rates and Friedman and the City/WS of today a thing of  the past...Voilà a dream. 

hooligan2009's picture

hmmm..Tyler is more than capable of speaking for observation is that some targets are asier to hit than others and that their is no transatlantic racism to debasism in the articles I read.

US states, European states, Swiss cantons, Japanese kazoku or yakuza, Chinese local authority corruption ...all are fair game. I read the US oriented articles and find them every bit as pointed (virtiolic) as European ones.

just saying. and was that an intended pun for "sterling work"?

Ghordius's picture

let me put it this way: the "water" Tyler swims in is per se biased. the poor fellow(s) read(s) insane amounts of bank publications written in NY and the City - the "AngloSaxon" bias, as the French call it (some the "Imperial" bias) or, better, the AngloPhone one

there are lots of commonly misunderstood "features" behind continental politics and actions - I just try to correct some

and yet, when it comes to the FED, his critique is different from the one of the ECB

there is lots to criticize about both the ECB and the EU - but I like truth, and suppose that this is what most really look for, here

I wish it was an intended pun, but no, that was a now-let's-type-away rant trying to remember some salient points I discussed here before

TheGardener's picture

The Bundesbank thing was meant to be a compliment.
Came across as a punch as in real world fight club,
ZH kind of fight : fail. Take the compliment for what it` s worth.

Ghordius's picture

I'll take it - though I would be delighted if you refute any of my arguments, in future

you don't go to a fight club in the hope you don't get a black eye, from time to time ;-)

Carl Spackler's picture

Hmmmm, I was thinking the "winners" would be the ones with the strongest Army/Navy, flying drones or assault weapons.

I guess it all depends on how you define "winning," as it will become more than just an Atari game when the map gets really red.

Umh's picture

Drones are relatively cheap and I expect someone to export them to the US anytime.

Ghordius's picture

wait until we have cheap drones on wheels - or/and cross terrain legs - an MG and a granade launcher

rotagen's picture

Gee, this is Al-most interesting!  Thanks, I find time to be most annoying, and I do enjoy killing it in most mundane meaningless ways.

francis_sawyer's picture

lol ~ USD, EUR, GBP, JPY... As if they're all really different... If you spend minimal effort to dig down a little, it's ridiculously EASY to find the tie that binds these worthless pieces of confetti...


Alas ~ the world is dearth of 'digger downers'... [Probably because the MSM always has them looking another way]...

'Shalom' Bernanke is actually probably right... SPEND 'EM as fast as you can...


Edit: I love the JUNKERS on this site... OK, let's review...

- USD, GBP, EUR, & JPY are... IN FACT... worthless confetti [or 'will be', in the movement of time]

- there are, IN FACT, central banks [which represent the 'tie that binds' these soon to be worthless pieces of confetti]

- The MSM is, IN FACT, looking the other way [probably due to who 'controls' their message]

- Shalom Bernanke does, IN FACT, wish for you to spend

- If you do spend a 'soon to be worthless' piece of paper [for something MATERIAL], you have IN FACT acquired VALUE in the exchange...


Piss off cunts... [Oh look ~ there's francis_sawyer ~ since we have an IQ of 20, we think he hates bitcoin & jews]... Let's junk his ass & bring peace, justice, & everlasting prosperity to the world...

Cunnial's picture

Maps Bitchez...

SheepDog-One's picture

Who cares....WOW look at the DOW go! Only a couple hundred points until it busts right thru the prior utterly inside bubble top where 'many tough lessons were learned and we'll surely never do THAT again'....oh well fuck it off we go!

El Hosel's picture

Just win baby! Everybody loves a winner. Winner winner chicken dinner....... nuf said.

flapdoodle's picture

WB7 - you needed to put a propeller beanie on 'helicopter ben'...

Manthong's picture

" the last time the US ended the global currency war with a 50%+ devaluation of the USD relative to gold... and promptly confiscated all gold."

It’s important to get the sequence right in order to comprehend the evil..

FDR confiscated the gold first and then devalued the dollar, effectively destroying the investment/insurance value for anyone who held gold as part of their savings.

“As citizens complied with the new ”law” by turning in gold, the gold reserves of the US Treasury and Federal Reserve increased. After most of the public’s gold was turned in, FDR raised the official price from $20.67 to $35.00 per troy ounce. How “convenient”. Gold-clause Federal Reserve notes were not recalled and remained in circulation. But they could no longer be exchanged for gold, except by certain foreign central banks. Those with connections were able to buy valuable assets with mere paper. Wealth was concentrated in fewer hands.”