This publication, accompanying the 2020’s update of EQCHANGE, aims at providing an overview of exchange rate misalignments for 2019. In a nutshell, changes in the exchange rate misalignments on the eve of the Covid-19 pandemic have been relatively modest except few EMEs and DCs that registered large swings. This is especially the case of Egypt, India and Nigeria, and to a lesser extent of Brazil, Indonesia and Thailand. The Turkish lira, despite a continued plunge, maintained its large undervaluation due to the inflation spur. The US dollar, owing to its appreciation, registered a small increase in its overvaluation. The currency movements vis-à-vis the US dollar shaped most of the dynamics in the advanced economies that generally registered downward movements in the currency misalignments. This holds also for the Chinese renminbi that still appear broadly in line —with its fundamentals— despite a depreciation. In Europe, Germany, Ireland, Norway, Sweden, and the United Kingdom displayed undervaluations; Finland, France, Italy and Luxembourg were close to their equilibrium; and Belgium, Austria, Greece, Portugal and Spain displayed overvaluations.