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ide. 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 longer wish to receive these e-mails then click hcrc to unsubscnbc www.jpmorganmarkets.com Analyst certification: I cer
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
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 Secuntes LLC Nandini Srivastava J.P. Morgan Securities Mc YTO returns through Jul 10 %, equities are in lighter color. Gold EMBIG
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
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 solutions across the full trade and investment lifecyc
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
Ael/ABQyhg/AQ/Z+BI> (44-20) 7134-7815 Seamus Mac Gorain <http://rmaillinkjomorgan.com/t/AWAAMGjA/AAYMg/QIFDWAel/A8Qyhw/AQ/Ry8m> (44-20) 7134-7761 Matthew Lehmann <http://=maillink.jpmorgan.com/t/AO/AAMGjA/AAYLCIg/QIFDJA/Ael/ABlayiA/AQ/uY4e> =/b> If you no longer wis= to receive these e-mails then click here
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 Matthew Lehmann and JPMQUSD

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John Normand
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