📄 Extracted Text (296 words)
30 July 2013
Exchange Rate Perspectives: FX and the Financial Transaction Tax
Figure 7: USD/CAD: CAD overvaluation is being 8: USD/AUD: AUD is very expensive. beyond 20%
unwound threshold
1.7
1.6
1.7
1.6
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..-#4
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1.6 1.5
1.4 1.4 1.5
1.3 1.3
1.2 V41,
1.2 1.2
1.1 1.1 USUAUD
0.9
1.0 1.0 --- 20% 8440
PPP USD/AUD
0.9 0.9 0.6 06
73 77 81 85 89 93 97 01 06 09 13 73 77 81 85 89 93 97 01 05 09 13
town Con
X Reseeich SOCK.' 0810iltesarch
'Figure 9: USD/142D: .and so is NZD Figure 10: EURIJFY: The euro is very expensive against
the yen
3.0 3.0 450 450
2.5
2.0
.................,
_ 2.6
2.0
400
350
300
t
RJR/JPY
— — — 20% Band
PPP EUR/JPY
400
350
330
250 - 250
1.5 %*V 1.5 200 200
USD/N2D 150 Zs ..... nil..-N,A-- -"--..-.....--
- A kolik 150
1.0
— — — • 20% Band
1.0
100 •
...‘ - - -- -- AWCY-Not.... z zp loo
PPP USD/teD
0.5 0.5 50 50
73 77 81 85 89 93 97 01 06 09 13 73 77 81 86 89 93 97 01 06 09 13
tarot 011Xllearcli Sam OSIXItenarch
'Figure I 1 EUR/GBP: Sterling is cheap against the auto 'Figure 12: EUFIISEK: SEK is very cheep versus the euro
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oa 0.9 11 •
10 •
02 0.8
9 •
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e•
0.6 0.6 7 ••-•tre'
0.5 0.5 6
EUFVGBP
0.4 --- 20% Band 0.4 5
03
f PPPEUR/GBP
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4
73 77 81 85 89 93 97 01 05 09 13
542VOI. reir "MVO Sane DS FY Renearth
Deutsche Bank Securities Inc. Page 19
CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104675
CONFIDENTIAL SDNY_GM_00250859
EFTA01449320
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