EFTA01449323.pdf

30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax Figure 12: EUR/USD is cheap vs. FEER FV 'Figure 13: USD/JPY is very cheap vs. FEER FV 1.8 MILL_ Rel a ti ve FEER Fair Value 350.0 —Spot PY- Relative FEER Fair Value —Spot 1.6 300.0 1.4 250.0 • 1.2 200.0 1.0 150.0 Os 100.0 0.6 50.0 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 80 82 84 86 88 90 92 94 96 98 0002 04 06 08 10 12 Sows' 08?XRasa. Sans O81XResevell [-Figure 14: GBP/USD is expensive vs. FEER FV IFigure 15: USD BIS PM is a bit cheap vs. FEER FV 3.0 140.0 GBp Relative FEER Fair value —Spot Relative FEER Fair Value Spot 130.0 2.5 120.0 2.0 110.0 100.0 1.5 90.0 80.0 1.0 80 82 84 868890 92 94 96 98 0002 04 06 08 10 12 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 sown, as rxsearch Sinew ASPXRama [Figure 16: USD/GAD is quite cheap vs. FEER FV Figure 17: AUD/USD is cheap vs. FEER FV 1.4 " 1 CA.P .RelativeFEER Fair Value M a —Relative FEER Fair Value Spot 1.2 1.0 0.8 0.6 0.4 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 Soured, OHMRineattn Soutar 08IX Rosaittn Deutsche Bank Securities Inc. Page 23 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104679 CONFIDENTIAL SDNY_GM_00250863 EFTA01449323