Epstein Secrets

ted with private inflows since the late 1990s Figure 6: Relative to the private basic balance, the dollar is expensive Source: DB FX Research and Haver Source: DB FX Research and US Treasury Page 18 Deutsche Bank AG/London EFTA01464513 28 February 2013 Exchange Rate Perspectives Figure 7: Net

s) 200 100% 150 100 50 0 20% 40% 60% 80% -100% -80% -60% -40% -20% 0% 75 78 81 84 87 90 93 96 99 02 05 08 11 Source: Deutsche Bank, Bloomberg The significance of the USD/JPY turn higher should not be understated. It is perhaps the only currency pair that has captured all the major macro

bn) Figure 17: The basic balance has generally been in a downtrend since 2007 Figure 18: as net FDI outflows continue Source: DB FX Research and Haver Source: DB FX Research and Haver Deutsche Bank Securities Inc. Page 27 EFTA01464358 30 July 2013 Exchange Rate Perspectives: FX and the Financ

.0 130.0 140.0 80.0 90.0 1.0 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 Source: DB FX Research Source: DB FX Research *Sources: BIS, Bloomberg, Deutsche Bank. Notes: For details on model, see Exchange Rate Perspectives, Jan-13. BEER model is relative PPP adjusted for terms-of-trade and pro

2016 Source: BofA Merrill Lynch Global Research, Bloomberg Bankof America Merrill Lynch Global Rates, FX & E

S2SSZFSSSRSPESPSLZESS 5 8 gpg = 8 & & & Source: BofA Merrill Lynch Global Research, Bloomberg, Source: BofA Merrill Lynch Global Research, Bloomberg, Haver, EPFR Bankof America “2 Global Rates, FX & EM 2017 Year Ahead | 16 November 2016 27 Merrill Lynch HOUSE_OVERSIGHT_014757 --- PAGE BREAK --- Best V