Epstein Secrets

right now IX Buy 6M ATM EURSEK straddles: We see a number of key events for the rest of the year wtich should see EURSEK vol rise including ECB and Riksbank meetings as well as the announcement of a new Riksbark Governor. EUR?SEK vol looks cheap on our metrics. Buy EURAJSO out spreads: near.temi headwi

ts may explain why Draghi gave up on the currency this week. But something has been lost in the process and the Euro could now appreciate freely if Eurozone data keeps improving. BoJ only dovish major central bank The BoJ left its policy unchanged this week and Governor Kuroda justified the current po

ion/rates inconsistent. ¢ Long RUB/ZAR (positive on oil, cautious on S African politics). ¢ Short EUR/SEK, strong Swedish growth, limiting room for Riksbank easing. Current trade recommendations 2 Global Cross Asset Strategy - Year Ahead | 30 November 2016 BankofAmerica <2” Merrill Lynch HOUSE_OVERSIG

10 Global Cross Asset Strategy - Year Ahead | 30 November 2016 Bankof America 2 Merrill Lynch HOUSE_OVERSIGHT_014441 --- PAGE BREAK --- Chart 15: Eurozone PMI's point to solid growth Chart 16: Japanese growth expected to accelerate in 2017 60.0 3.0 58.0 —_.,. = 2.0 Forecasts 56.0 54.0 1.0 52.0 50.0 0.0

d long RUB/ZAR. The former has dropped as the EUR has weakened against the USD. We continue to think that the Swedish economy is more robust than the Eurozone and that the Riksbank will sooner or later have to adjust monetary policy accordingly. We see a lot more room for this pair to move in 2017, particul

. = Cryptocurrency proposals are being considered by several central banks, including Singapore’s MAS, China’s PBOC, Russia’s Central Bank, Sweden’s Riksbank and Ecuador’s Banco Central. = A successful central bank cryptocurrency could substantially reduce fraud and tax evasion. 23 HOUSE_OVERSIGHT_025686

y explained by Puerto Rico. = Chinese trade growth moderated; deals announced during President Trump’s visit are unlikely to reduce trade deficit. = Eurozone data came in mixed relative to consensus expectations, but still points to above-trend growth in the region. 27 HOUSE_OVERSIGHT_025690 Source: Inv