GWS created an infographic to show how currency has helped or hurt returns over the last 35 years. We looked at the MSCI EAFE – an index which stands for the Morgan Stanley Capital International Europe, Australasia, and Far East that represents mostly developed rather than emerging markets. In our infographic, the returns of the MSCI EAFE Index show that a falling dollar serves as a tailwind pushing greater returns on foreign stocks, while a rising dollar functions more as a headwind, cutting back on EAFE returns.