INFOGRAPHIC: Which currency can get to the bottom fastest?
Saxo Capital Markets looked at the major currencies and assessed who is riding to the bottom the fastest looking at the real effective exchange rates.
Japan came in first with a percentage change of -18.12%.
Devaluing currencies should help an economy become more competitive as the price for its exports fall, but the effect is muted.
"While currency devaluation has reduced the relative cost of exports in these countries, it has done little to boost economic output with the largest currency manipulators experiencing only a small uptick in growth," writes Saxo Capital Markets.