Epstein Secrets

eas Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank's 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

l Head of Research Marcel Cassard Global Head CB&S Research Asia-Pacific Fergus Lynch Regional Head International Locations Deutsche Bank AG Deutsche Bank Place Australia Tel: D t iei n n London EC2N 2EQ United Kin dom Tel: Deutsche Bank AG 1rma Tel: .1111111. Deutsche Bank Securities Inc. United S

rector Equity Research North America Steve Pollard Regional Head Global Disclaimer The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively "Deutsche Bank"). The information herein is believed to be reliable and has been obtained from public source

ider this report in deciding to trade on a proprietary basis. Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the investor's home jurisdiction. In the U.S. this report is approved and/or distributed by Deutsche Bank Securities Inc., a member of th

agflation remains a prominent issue, further, it is worth nothing that almost any policy response could conceivably push volumes higher given that GBP/USD spot volumes experienced one of the sharpest falls YtD within the Deutsche Bank AG/London The bigger picture: Trading volumes and volatility 100

ATE (adjusted for taxes and exch.:Jog energy). YoY NO, GIGS BanKs paecbon &wow dissent &mit elocintlxvg finance to Henrik Gullberg, London, 194/ Deutsche Bank AG/London Page 13 EFTA00610288 9 January 2014 FX Blueprint: Thin end of the wedge Theme #7: Trend no bitter end In 2007 we replicated a RBA study

deas Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the SOLAR link at 3. Country-Specific Disclosures Australia and New Zealand: This

y Research, Germany Steve Pollard Regional Head Americas Research Deutsche Bank AG Deutsche Bank AG Deutsche Bank AG Deutsche Securities Inc. Deutsche Bank Place Grog° Gallusstra8e 10-14 Filial° Hongkong 2-11-1 Nagatacho Level 16 60272 Frankfurt am Main International Commerce Centre, Senna Park Tower C

r, but a widening current account deficit and stronger USD will constrain gains versus the euro and dollar. We are moderately bearish EUR/GBP and GBP/USD, forecasting 80p and 1.54 by end-year respectively. • As an outright trade we prefer buying GBP versus CAD, on which we are more bearish. It rema

Matthew Luzzetti, (44) 20 754 73288 Michael Spencer, (852) 2203 8303 EFTA01475995 Mark Wall, (44) 20 754 52087 Torsten Slok, (1) 212 250 2155 Deutsche Bank AG/London Page 17 EFTA01475996 8 December 2015 World Outlook 2016: Managing with less liquidity US: Dollar drag IIOn the back of weak manufacturin

vily concentrated in commodity and EFTA01475991 EM currencies. Our end-2016 forecasts are largely unchanged: EUR/USD at 0.90, USD/JPY at 128, and GBP/USD at 1.27. Commodities: Supply adjustment is well underway for oil, not so for the metals We expect OPEC will have engineered one of the sharpest hi