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lding the front contract and rolling down into the second each month. This equates to over 12% a year only in roll/slide. Jan Loeys 11-1 014 C014 John Normand (dt 1n) to 1R16 jimmilimmen Nikolaos Panigirtzoglou (do 1a1) 111A '19 I Seamus Mac Gorain ( ?4Gt~ Matthew Lehmann (I 212)831 8315 If you no
ng around 2.6% for almost two months and FX volumes down to their typical August lows, the dollar index is freefalling. The trade-weighted currency (JPMQUSD) has declined for four of the past five weeks, and while moves have been inconsistent across pairs, some of this year's biggest losers (JPY, GBP, NZ
page 7 for analyst certification and important disclosures. Click play to view video Global Asset Allocation Jan Loeys AC JPMergan Chase Bank NA John Normand J.P. Morgan Securities plc Nikolaos Panigirtzoglou JP. Morgan Securities plc Mika Inkinen J.P. mown Securities plc Matthew Lehmann J.P. Morgan
The J.P. Morgan View 11 aty2014 rationale across currencies. There are no significant forecast changes this month. We still expect the USD index (JPMQUSD) to rise 1% in Q3 and another 1.5% in Q4, with significant dispersion across pairs. Those currencies that should fall by year-end include (Q4 targe
: Sweet 'Sixteen, Sour 'Seventeen, Fenton ct al., Jul 9). EFTA_R1_00470157 EFTA01981555 Click here for the full Note and disclaimers. Jan Loevs John Normand Nikolaos Panieirtzoalou Mika Inkinen Matthew Lehmann Nandini Srivastava Visit J.P. Morgan Markets for more market-leading research and financial
rency Views detailing our forecast rationale across currencies. There are no significant forecast changes this month. We still expect the USD index (JPMQUSD) to rise 1% in Q3 and another 1.5% in Q4, with significant dispersion across pairs. Those currencies that should fall by year-end include (Q4 targe
n roll/slide. Jan Loeys <http://=maillink.jpmorgan.com/t/AQ/AAMGjA/AAYLOg/QIFDJA/Ael/ABuQqw/AQ/BEeu> (1-212) 834-5874 <tel:%281-212%29%20834-58=4> John Normand <http://=maillink.jpmorgan.com/t/AQ/AAMGjA/AAYLC/g/QIFDJA/Ael/A8QyhQ/AWGNvy> (44-20) 7134-1816 Nikolaos Panigirtzoglou <http://=maillink.jpmorgan.c
ng around 2=6% for almost two months and FX volumes down to their typical August lows,=the dollar index is freefalling. The trade-weighted currency (JPMQUSD) has=declined for four of the past five weeks, and while moves have been inconsistent across pairs, =ome of this year's biggest losers (JPY, GBP, NZ
Entities connected to both John Normand and JPMQUSD

Matthew Lehmann
PERSON
JPMorgan Chase
ORGANIZATIONJan Loeys
PERSONSeamus Mac Gorain
PERSONBrent
ORGANIZATIONMSCI EM
ORGANIZATIONFlows & Liquidity
ORGANIZATION
Eric Trump
PERSONColin Fenton
PERSONGlobal Asset Allocation
ORGANIZATIONStrategy, Technical
ORGANIZATIONKasman
PERSON
MSCI World
ORGANIZATIONBeinstein et al.
PERSONBarrett
PERSONUS Financials
ORGANIZATIONPerlman
PERSON
Paul Barrett
PERSONEric Beinstein et al
PERSONBBB non-Financials
ORGANIZATION