Epstein Secrets

balance is on a recovery path over the last one year Figure 2: as non treasury portfolio outflows have remain positive Source: DB FX Research and US Treasury Source: DB FX Research and US Treasury Figure 3: The private basis balance has been diverging from the overall balance Figure 4:as official inflo

29.6 29.5 29.3 Thailand THB/USD 29.8 30.0 30.0 30.0 (Fwd. Rates) 30.0 30.1 30.3 Source: Datastream, Reuters, Bloomberg Finance LP, DB forecasts Emerging Europe Spot Currency Rate Czech Rep. Koruna/Euro 25.6 25.0 24.5 23.8 (Fwd. Rates) EFTA01464481 Koruna/US$ (Fwd. Rates) Forint/US$ (Fwd. Rates) La

GBP but lower versus AUD, CAD and most of Latin America and Asia. Thus, there has been little trend in the broad dollar, despite the 18bp backup in US Treasury yields this week. There may be some optimism towards the US economy and J.P.Morgan EM equity portfolio inflows Left axis shows EM equity portfoli

-1.1 3.8 -2.0 :15 Q,Q M.5 -2.5 0.8 0.5 -1.5 1.5 1.0 0.0 2.0 1.0 0.0 2.0 3.6 1.9 2.8 2.6 3.2 2.7 1.6 2.5 2.7 2.3 2.5 24 Emerging Europe 4.8 2.5 2.5 0.6 14 1,8 2.4 2.6 3.6 3.0 5.0 5.8 5.8 5.1 Bulgaria 1.7 0.7 1.5 Czech Republic 1.9 -1.1 0.0 -1.6 -1.3 -1.6 0.0

balance is on a recovery path over the last one year Figure 2: as non-treasury portfolio outflows have turned positive Source: DB FX Research and US Treasury Source: DB FX Research and US Treasury Figure 3: The private basis balance has been diverging from the overall balance Figure 4: as official infl

1.23 7.86 7.35 7.25 7.15 - 7.88 7.91 7.97 8.58 8.25 8.05 8.00 - 8.60 8.62 8.66 Source: Datastream, Reuters, Bloomberg Finance LP, DB forecasts Emerging Europe Currency Czech Rep. EUR/CZK (Fwd. Rates) USD/CZK (Fwd. Rates) Hungary EUR/HUF Latin America Currency Argentina USD/ARS (Fwd. Rates) Brazil