📄 Extracted Text (112 words)
provides a better picture when currencies are trading within relatively tight ranges, rather than
trending strongly and breaking new ground (as is the case currently for many EM currencies) due
to domestic factors/factors not captured by the model.
Financial fair value (USD crosses):
5-
EM FX Cheap
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As the charts below show, the extent of undervaluation (i.e. the magnitude of the model residual)
is at ly extremes for TRY and ZAR, but not for RUB.
USDTRY:
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118186
CONFIDENTIAL SDNY GM_00264370
EFTA01458318
ℹ️ Document Details
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d1b9b66390a3e36283e54463f4ff743a2663a16de1637177e9a7c280b5d352d4
Bates Number
EFTA01458318
Dataset
DataSet-10
Document Type
document
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1
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