EFTA Document EFTA01459569

U.S. Dollar Downshifting its Pace Dollar in Tightening Cycle 25% 20% 15% 10% 5% 0% -5% -10% 4 -15% -20% 0 20 40 60 80 100 120 140 160 180 200 220 240 - 12/1/1976 8.7 1980 3/27/1984 -^^12/16/1986 - 3/29/1988 241994 6/30/1999 6002004 Start of Cycle •larn +3arn +6arn •9arn •12arn 12/1/1976 -2.2% -1.2% •1 7% -2.0% -4.9% 8/7/1980 -1.1% 2.0% 4.6% 10.5% 19.7% 3/27/1984 2.0% 5.8% 10.4% 13.1% 14.2% 12/16/1986 -5.3% -7 1% -8.6% .93% -16.4% 3/2