EFTA01449269
EFTA01449270 DataSet-10
EFTA01449271

EFTA01449270.pdf

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28 February 2013 Exchange Rate Perspectives Deutsche Bank El Figure 7: Net FDI outflows accelerate Figure 8: Portfolio flows were driven mostly by net bond flows, while net equity flows remain modest 400 F011albro 400 1200 1200 FOINotlbws 12mo Sun 300 40iCar.e FDI 0 10:73 1000 260 200 930 800 100 100 920 600 0 -50 0:73 400 -100 .202 .213D 200 200 400 0 0 -350 -403 -200 .203 .6C0 7779818365871399193959799 01 1330507091113 96 97 99 01 08 05 07 09 11 isioeco O8 4% oeso.vca ...Jos Tna kw. 067g4obnosoitit Penn, Figure 9: Official sector buying of US bonds are now Figure 10: Treasury purchase by private sector has almost equal to private buying fallen substantially 900 900 800 • 2 rn:i Sum tiot Pin* Bond Fb 800 700 Not Oftwel Bond Fb 700 — Pri.' 7yeaub Porthroka 600 600 - coo Prbers Agency SO • 500 Nee* Cob 400 —US Mot %boos of Pomba bowls 4C0 - 400 3O - 300 200 200 200 - 200 100 - 100 0 0 0 0 -100 103 .200 .203 780382 04868890S001969803020406081012 77 79 81 83 86 87 89 91 93 96 97 99 01 03 05 07 00 11 13 Figure 11: No clear relationship between USD TWI Figure 12: Net equity flows remain positive and UST purchases 500 220 220 USO 1W tAlepo. ts) 170 USD C41 170 4.80 120 120 70 70 4 EC 20 20 -30 -30 440 -so -US Stocks ‘' -90 •• Foreign Stock -130 --Net Stocks •130 -160 3 4.20 -180 -180 79 81 83 86 87 89 91 93 95 97 99 01 CO 05 07 09 11 13 777901 CO 716W 09919396979901[005070911 13 S:VCO Onk A4410(0, 7,04ROF &vs:* 09ARescroobt5 Warr Deutsche Bank AG/London Page 19 CONFIDENTIAL— PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104607 CONFIDENTIAL SDNY_GM_00250791 EFTA01449270
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EFTA01449270
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DataSet-10
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