📄 Extracted Text (389 words)
30 July 2013
Exchange Rate Perspectives: FX and the Financial Transaction Tax
1
Figure
- 37: EUR/USD strongly correlated (0.8S) with
bilateral basic balance with the US
Figure 38: Bilateral basic balance explains 84% of
EUR/US0 movements since inception of the euro
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Figure 39: The bilateral basic balance with the US hes Figure 40: ...as US purchases of euro area bonds have
moved in favor of the US recently... continued to be replaced by sales
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[Figure 41: Net portfolio flows have turned inwards... Figure 42: .. AS equity inflows surpass the bond outflows
Iwo —Portfolb Outflows —Plot Bondssod Nobs Flows
1000 350 350
Portfolio Inflows Net MIA Fbors
600- -µ,, Net Pontolo Fbwo 800 300
—Not 8glib/ftbites
- 300
603 - 600 260 - 260
400 - 400 200 - 200
150 - 150
200 \ 200
100 -100
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Deutsche Bank Securities Inc. Page 31
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104544
CONFIDENTIAL SDNY_GM_00250728
EFTA01449227
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