MSCI ACWI vs MSCI ACWI hedged EURTwo ETFs are compared:
SPDR MSCI ACWI UCITS ETF EUR Hedged Acc
iShares MSCI ACWI UCITS ETF Acc
The first ETF followed the MSCI ACWI Index, while the second ETF traded in EURO (for investors in Europe) but denominated in Dollar didn't.
The EURO lost against the Dollar almost the same amount as much as the former unhedged ETF won against the hedged ETF.
Even though the market "fell", the denomination of the ETF is Dollar -> so once it's converted to Euro the price rises for European investors.
Once the FED will return to a more dovish course and the Yields for US Bonds will drop, the currency rate will return, here EU investors will see not rising prices but falling one in denominated Dollar ETFs.
It's an opportunity to buy EURO hedged ETFs.
Long