EFTA01449321.pdf

30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax [Figure 13: EUR/CHF: CHF is expensive against the euro [Figure 14: EUR/CAD: CAD is close to fair value against leuro 4.0 4.0 1.9 3.5 EUP/CHF 3.5 1.7 3.0 — — —• 20% Band 3.0 PPP ELJR/CHF 1.5 2.6 2.0 . 411, -.41‘4 2.5 2.0 rr " 13 1.1 yrd•air • 1.1 1.6 1.6 — — — • 20% Band ------ 7 PPP EUR/CAD 1.0 1.0 0.9 0.9 73 77 01 06 09 13 73 77 81 85 89 93 97 01 05 09 13 saMIlvD8 XRIekine Sector DRIXReitaltli 'Figure 15: AUDINZD: NZD is fair value against AUD.... Figure 16: CAD/NZD: ....and is expensive against CAD 1.8 1.8 1.6 1.4 1.4 1.4 A, ak„ 1.2 12 1.2 1.0 1 1.0 0.8 0.8 0.8 0.8 0.6 0.8 0.4 73 77 81 66 89 93 97 01 06 09 13 73 77 81 85 89 93 97 01 05 09 13 Anew 011X1S attar 011XMama F igure 17: JPY/NZD: NW is expensive against the yen (Figure IS: GBPLIPY: JPY is very cheap against GBP 0.025 0.025 800 803 -GBP/JPY 700 700 0.020 0.020 --- 20% Band 600 MO PPP GBP/JPY `.. 0.015 0.015 500 500 •• • 400 1.,‘ I, CO 0010 0.010 300 l. ,......„ 330 200 • ----A" ;asd4 1k"?.1_,• 41.4-. 203 0005 0.005 -- wr --nbilt. ...--- ---- -stmEvei 100 100 o coo 0.000 73 77 81 85 89 93 97 01 06 09 13 Sane 08 PXRewtn San DIA(Rana Page 20 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 104676 CONFIDENTIAL SDNY_GM_00250860 EFTA01449321