Just looking at the REERs of some of the bigger countries it seems:
- Commodity exporters are generally at undemanding levels and maybe benefiting from a recovery in commodity prices over the next few years
- However some de-valuers such as Nigeria and Turkey have maybe offset much of the devaluation through inflation
- Many of the others are not 'cheap', in part as the FX falls they have had have been eroded by inflation and also the Yen/ Aussie/ Euro falls of recent years. China is also seemingly on a controlled devaluation path for the foreseeable future
- Some of the East European countries pegged to the Euro look expensive as well as Saudi. If the Euro rallies it will pressure the East European countries even more.
- At a cross current to this you have negative political dynamics in several countries (notably Turkey and some of the sub-Saharan African countries)