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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
lster AUD. One of the other key drivers of our resilient-AUD view has been the expectation of ongoing mining-related FDI inflows (see for instance FX Daily: On-Hold RBA Lifts AUD, But FDI Inflows And G3 Policy Remain Key Supports, 5 March 2013). Despite recent negativity on the mining investment outlo
cy of an underlying security, effectively assume currency risk. Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the investor's home jurisdiction. United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINR
d Financial Conduct Authority. Details about the extent of our authorisation and regulation are available on request. Hong Kong: Distributed by Deutsche Bank AG, Hong Kong Branch. Korea: Distributed by Deutsche Securities Korea Co. South Africa: Deutsche Bank AG Johannesburg is incorporated in the
23 July 2015 FX Daily: An update to our EUR/US0 view (and forget QE, think CT) to or inspired by the contents of this publication. The risk of loss in futures trading and
cy of an underlying security, effectively assume currency risk. Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the investor's home jurisdiction. United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINR
d Financial Conduct Authority. Details about the extent of our authorisation and regulation are available on request. Hong Kong: Distributed by Deutsche Bank AG, Hong Kong Branch. Korea: Distributed by Deutsche Securities Korea Co. South Africa: Deutsche Bank AG Johannesburg is incorporated in the
23 July 2015 FX Daily: An update to our EUR/US0 view (and forget QE, think CT) to or inspired by the contents of this publication. The risk of loss in futures trading and
iscussed in this report is available upon request. This report may not be reproduced, distributed or published by any person for any purpose without Deutsche Bank's prior written consent. Please cite source when quoting. Copyright @ 2015 Deutsche Bank AG Deutsche Bank AG/London Page 5 CONFIDENTIAL — P
23 July 2015 FX Daily: An update to our EURIUSD view (and forget OE, think CIFI and/or services, customers should carefully read the relevant disclosures, prospectuses an
G or its subsidiaries. Banking and lending services are offered through Deutsche Bank Trust Company Americas, member FDIC, and other members of the Deutsche Bank Group. Brokerage services are offered through Deutsche Bank Securities Inc., a broker-dealer and registered investment adviser, which conducts investment
ing: Global Weekly Insights — Larry Adam, our US Wealth Management CIO, gives a brief US macro update and his views on the Chinese equity markets. FX Daily — Co-Head of FX Research, George Saravelos, revisits his bearish EUR/USD view in light of large-scale European capital outflows and an impending Fe
DDSI or its affiliates prior to execution. and the execution of any transaction or idea cfscussed herein is conditional on your becoming a client of Deutsche Sank. Key Client Partners (KCP) products. investment ideas and solutions and related matters discussed herein are provided for discussion purposes only.
Please see a note from our FX Daily Strategist Robin Winkler: http://pull.db-gmresearch.com/cgi-bin/pull/DocPull/710-D7E8/20361321/DB FXDailv 2017-11-20 4Sc07d52.1142- 456b-a94a-4e777c
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