EFTA01458613.pdf

25 September 2015 FX Forecasts and Valuations: Don't throw in the towel / 11 index to go. ;Figure 3: The Dollar Cycle has been trout-loaded but still has 10% on the real T14 140 • US &Sanest effeaiverUadv-weirtvdexchangerule 180 USD vadeoneighted cornot vs 151ST nogg 1985 downcycle 130 • 170 . (100- trough or peek in Cycler 120 160 150 110 140 100 130 90 120 80 110 4.42036 hound< 100 Co • 90 AO 1r A4 A7 A.0 01 A50;AR ni Yi r*-1 tv :f 71c 1711 09 11 13 15 17 Sans OscarIs* Orem !Table 2: G10 FX Forecasts - End of year forecasts 1MDCrtnefie Spot 04 2015 01 2016 2016 2017 2018 2019 EURIUSD 1.12 1.05 0.98 0.90 085 1.00 1.10 USD/JPY 120 125 127 128 120 110 105 08P/USD 1.62 1.53 1.46 1.27 1.15 1.27 1.34 USD/CHF 0.98 1.07 1.16 1.28 1.39 1.20 1.14 AUD/USD 0.70 0.69 0.66 0.82 0.60 0.85 0.70 NZD/USD 0.64 0.59 0.56 0.53 0.50 0.55 0.60 USD/CAD 1.33 1.35 1.38 160 1.40 1.30 1.20 USD/SEK 8.38 8.48 9.05 9.72 10.29 8.50 7.73 USD/NOK 8.45 8.84 9.23 10.80 12.12 9.44 8.14 rort -mnvol; Spat r)1 7015 01 2016 2016 2017 2018 2019 EUR/JPY 135 129 123 115 102 110 116 EUR/GBP 0.74 0.69 0.67 0.71 0.74 0.79 0.82 EUR/CHF 1.09 1.12 1.14 1.15 1.18 1.20 1.25 EUR/SEK 9.42 8.90 8.83 8.75 8.75 8.50 8.50 EUR/NOK 9.49 9.37 9.00 9.72 10.30 9.44 8.96 Sans Candsilarst Deutsche Bank Securities Inc. Pa , CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118603 CONFIDENTIAL SDNY_GM_00264787 EFTA01458613