Current Misalignment vs. PPP
| Pair | Current Rate | PPP-Implied | Misalignment | Half-Life | Adj. Misalignment |
|---|---|---|---|---|---|
| USD/CHF | 0.7969 | 0.7985 | +0.2% | 29 mo | — |
| AUD/USD | 0.6915 | 0.7207 | -4.1% | 14 qtr | +7.4% (2025) |
| EUR/USD | 1.1710 | 1.2797 | -8.5% | 47 mo | +1.7% (2025) |
| GBP/USD | 1.3547 | 1.5097 | -10.3% | 53 mo | +6.8% (2025) |
| NZD/USD | 0.5676 | 0.6394 | -11.2% | 13 qtr | -6.3% (2025) |
| USD/CAD | 1.3902 | 1.1796 | -15.1% | 82 mo | -2.5% (2025) |
| USD/SEK | 9.2935 | 7.0121 | -24.5% | 100 mo | — |
| USD/NOK | 10.1069 | 7.2769 | -28.0% | 108 mo | — |
| USD/JPY | 158.8476 | 81.7283 | -48.5% | n/a* | -17.1% (2025) |
Negative misalignment = foreign currency cheap vs. PPP (USD rich).
*One or more pairs show an AR(1) coefficient on misalignment ≥1 over the full sample (no finite half-life) — the most pronounced PPP breakdowns in G10.
AUD/NZD run on quarterly CPI (no monthly series exists for either); half-life units differ accordingly (qtr vs. mo).
Adjusted Misalignment is annual (year shown) — CHF, NOK have no IMF trade-price data, SEK's has a reporting gap since 2021, so all three are excluded from the adjusted variant.
*One or more pairs show an AR(1) coefficient on misalignment ≥1 over the full sample (no finite half-life) — the most pronounced PPP breakdowns in G10.
AUD/NZD run on quarterly CPI (no monthly series exists for either); half-life units differ accordingly (qtr vs. mo).
Adjusted Misalignment is annual (year shown) — CHF, NOK have no IMF trade-price data, SEK's has a reporting gap since 2021, so all three are excluded from the adjusted variant.
JPY Crosses — Current Misalignment vs. PPP
| Pair | Current Rate | PPP-Implied | Misalignment | Half-Life | Adj. Misalignment |
|---|---|---|---|---|---|
| CHFJPY | 195.6519 | 103.5649 | +88.9% | n/a* | — |
| AUDJPY | 110.0296 | 58.5139 | +88.0% | 41 qtr | +29.5% (2025) |
| GBPJPY | 215.1908 | 123.3863 | +74.4% | 361 mo | +28.8% (2025) |
| NZDJPY | 90.3150 | 51.9139 | +74.0% | 38 qtr | +13.1% (2025) |
| EURJPY | 182.5765 | 105.8218 | +72.5% | 5138 mo | +22.7% (2025) |
| CADJPY | 114.2624 | 69.2853 | +64.9% | 292 mo | +17.6% (2025) |
| SEKJPY | 16.7768 | 11.7930 | +42.3% | 50 mo | — |
| NOKJPY | 15.4266 | 11.3638 | +35.8% | 57 mo | — |
Derived algebraically from each leg's USD-based PPP model above (no separate data fetch) — misalignment nets out the shared USD numeraire, so e.g. EURJPY misalignment = EUR misalignment − JPY misalignment. Negative = foreign currency cheap vs. JPY relative to PPP.