EFTA01458620.pdf

26 September 2015 FX Forecasts and Valuations: Don't throw in the towel [Figure 10: USDiN0K is expensive vs. BEER AI Figure 11: USDISEK is very expensive vs. BEER FV 1" NOK 12.0 SEK BEE Fair Valug Spot —BEER Fair Value —Spot 8.0 ••I 9.0 6.0 6.0 4.0 2.0 3.0 80 83 86 89 92 95 98 01 04 07 10 13 15 80 83 86 89 92 95 98 01 04 07 10 13 15 as FXMarro, Spat OS IX...turd, 'Figure 12: EURiUSD is close to. FEER FV Figure 13: USDiJPY is cheap vs. FEER FV 1.8 1 EUR • iiiiumRelative FEER Fair Value 350.0 PY —_Scot elative FEER Fair Value 1.6 • 300.0 1.4 250.0 1.2 200.0 1.0 150.0 i rinsi i•-•• 0.8 ••I 100.0 -4 '-' "t"' N, si d i OS 50.0 — 80 83 86 89 92 95 98 01 04 07 10 13 15 80 83 86 89 92 95 98 01 04 07 10 13 15 Stet. SS sx tnimeol Sou.* DeFt Attart, 'Figure 14: GBPIUSD is expensive vs. FEER FV Figure 15: USD BIS TWI is very cheap vs. FEER FV 3.0 GBP —Relative FEER Fair Value 140.0 Spot Relative FEER Fair Value —Spot 130.0 ti 23 120.0 2.0 110.0 100.0 1.5 90.0 1.0 • 80.0 80 83 86 89 92 95 98 01 04 07 10 13 15 80 83 86 89 92 95 98 01 04 07 10 13 15 Sante 08.XINsanzie Sant De MC INtesect Page 18 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R CRIM. P. 6(e) DB-SDNY-0118616 CONFIDENTIAL SDNY_GM_00264800 EFTA01458620