EFTA01458618.pdf

26 September 2016 FX Forecasts and Valuations: Don't throw in the towel Figure 14: EURIGBP: Sterling remains expensive but Figure 15: EUR/SEK. SEK is very cheap vs. the euro within the band 10 „ f . 1.0 12 Irr 12 I 0.9 0.9 11 11 10 10 08 f 0.8 9 4,.9 9 • 07 07 8 I 06 ••• 7 ••%...r. 7 • a.•••••V !' 00 I- 05 6 ". 6 •,.. EUR/G8P — — - 20% Rind 0.4 5 e . s 4 14:114' — — — 20% Bend 5 0.4 PPP ELIR1G84 4 ..-... PPP EURISEK 0.3 44= 0.3 73 77 81 85 89 93 97 01 05 09 13 73 77 81 85 89 93 97 01 05 09 13 tarn MIX fen* Dear Sower:01OfSisk Oaristan J Figure ICS: ELM/CHF: CHF is expensive against the euro Figure 17: EUFI/CAD: CAD is cheap against the euro 4.0 4.0 19 19 #.4 3.6 EUR/CHF 15 17 — — —20% Band ^ r.• 3.0 3.0 PPP EUR/CHF 16 IW 2.5 • 2.0 ..4%.% 2.5 2.0 ityV P t1 ry _13 11 EURCAD 1.1 1.5 - 1.5 --- 20% Band T 0.9 PPP EYR 1.0 - - - - --- 1.0 0.9 73 77 81 85 89 93 97 01 05 09 13 73 77 81 85 89 93 97 01 06 09 13 Swot 08Frilliest:ft are_ 34taa 08 CMasa Ostessoant Figure IS: AUD/NZD: NZD is near its fair value against Figure IS: CAD/NZD: NZD remains expensive against AUD CAD, approaching the 20% band. 1.8 1.8 1.6 1.6 1.4 1.2 1.0 1),- .11 \St kilfa 1.2 1.0 1.2 1.0 IIF VII 1.4 1.0 12 0.s t 08 AUD,Nia) 0.8 0.8 —20% bend - - - 20% 81411 06 ,r ette. 0.6 — PPP CAD/NZD PPP AUDi14213 0.6 0.8 0.4 0.4 73 77 81 85 89 83 97 01 05 09 13 73 77 81 85 89 93 97 01 05 09 13 lane 08/44aranth, Oateari•et Mn.M a.va SOObsedt Dagrent Page 14 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118612 CONFIDENTIAL SDNY_GM_00264796 EFTA01458618