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  "notes": "The chart illustrates the 'law of one price' concept by tracking deviations of exchange rates from long-run PPP equilibrium values.",
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      "text": "Relative purchasing power parity (PPP): Nominal exchange rates tend to gravitate toward their long-run purchasing power parity (PPP) equilibrium values. The foundation for PPP is the so-called \"law of one price,\" which suggests that identical goods should trade at the same price across countries when valued in terms of a common currency. Relative PPP extends the law of one price to a broad range of goods and services and takes into account trade impediments.",
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      "text": "Source: Bloomberg, © Merk Investments LLC",
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