Exchange rate movements still have sizable effects on exports and imports, according to new research from the International Monetary Fund. Recent currency movements have been unusually large. The US dollar is up more than 10% in real effective terms since mid-2014. The yen is down more than 30% since mid-2012 and the euro by more than 10% since early 2014. Brazil, China, and India have also seen unusually large changes in their currency values.