Epstein Secrets

ent on TPP at the Obama/Abe press conference as well as de-risking ahead of tomorrow's Tokyo CPI numbers as reasons for the weakness. Australia and New Zealand were modestly firmer ahead of tomorrow's closure for ANZAC Day. The RBNZ raised the Official Cash Rate by 25bps to 3% as expected. India was closed

ck of a high-level agreement on TPP at the Obama/Abe press conference as well as de-risking ahead of t

DB FX Research and RBA Source: DB FX Research and RBA Page 26 Deutsche Bank AG/London EFTA01464521 28 February 2013 Exchange Rate Perspectives New Zealand (NZD bn ) Figure 1: The basic balance Figure 2: FDI flows Source: DB FX Research and Haver Source: DB FX Research and Haver Figure 3: Net Portfo

ency markets are no longer reacting as strongly to such measures. Instead, other central banks are catching up to Fed easing, such as the BoJ since Abe's election (or even earlier the SNB in 2011), are having a distinctly bigger a more negative impact on their currencies over the dollar. Finally,

existing longer term ratings. These trade ideas can be found at the SOLAR link at http://gm.db.com. 3. Country-Specific Disclosures Australia and New Zealand: This research, and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act and New Zealan

nd ahead of the April '14 consumption tax hike)! Measures of progress will come over the summer, with investors able to gauge the reaction to: (i) Abe's grand deregulation and competition plan, to be unveiled midJune; (ii) the Tokyo metropolitan and Upper House elections, in June and July respect

t -0.1 3.5 415 1.0 2.0 t 1.7 t 2.7 t 0.2 0.1 0.1 t 0.3 t Australia 2.4 3.5 2.5 2.3 1.9 11 3.7 2.8 2.4 2.4 1.2 2.6 3.2 2.7 New Zealand 1.4 2.3 1 2.8 t 1.0 0.8 2.5 1 3.8 4 4.3 t 1.6 t 3.1 t 1.0 1.4 1.5 2.3 Asia ex Japan China Hong Kong 7.5 9.3 4.9 6.1 7.6 1.2 6

llowed by EMU, with the new Washington compromise or Fed hawkishness more in the camp of shorter-term tactical games. • Starting in Japan, new PM Abe has strong convictions, incentives, and we believe the ability to push true fiscal stimulus financed by massive QE. Expectations of Japanese reflat

in the Important Disclosures section above. India: For private circulation only, not for sale. Pakistan: For private circulation only, not for sale. New Zealand: This material is issued and distributed by JPMSAL in New Zealand only to persons whose principal business is the investment of money or who, in the

SILPS00 (mbased) 0011 AM. MM. YTD 1m 3m 12m Abe ri,4% 62% -7.6% 46.1% Rel -62% 6.1% -10.2%

in the Important Disclosures section above. India: For private circulation only, not for sale. Pakistan: For private circulation only, not for sale. New Zealand: This material is issued and distributed by JPMSAL in New Zealand only to persons whose principal business is the investment of money or who, in the

- CAB slim pea g) - RTY porn YID 1m 3m 12rn Abe 44.8% .05% -62% 73.6% Rel 182% 4.5% -12.1