Epstein Secrets

forecasts lower. We now see EUFt/LISD moving down to 1.00 by year-end. 90cents by 2016 and down to a trough of 85cents by 2017. Date 9 March 2015 George Saravelos Strategist a We also foresee a continuation of low and flat global yield curves: Europe will continue being a major source of global imbalances f

er Research Marcel Cassard Global Head FICC Research & Global Macro Economics Richard Smith and Steve Pollard Co-Global Heads Equity Research Michael Spencer Regional Head Mia Pacific Research International Locations Ralf Hoffmann Regional Head Deutsche Bank Research. Germany Andreas Neubauer Regio

curves, and finally looks at how Euro credit has lost its valuation advantage relative to US/UK credit. FX Research — Our Co-Head of FX research, George Saravelos, argues that 2015 will mark the peak in global FX reserve accumulation and discusses how this will affect global fixed income fields and the USD.

ak in global FX reserve accumulation and discusses how this will affect global fixed income fields and the USD. DB Special Report — Chief Economist Michael Spencer, Ph.D discusses recent market volatility driven by the Chinese equity market. Paul Morris Managing Director Deutsche Bank Private Bank Office C

cer Taimur Baig Gustavo Canonero Strategy Dominic Konstam Francis Yared Oleg Melentyev Jim Reid David Bianco Sebastian Raedler Alan Ruskin George Saravelos Michael Hsueh Binky Chadha Peter Garber Global Head of Research Global Head, Macro Research Telephone +44 20 754 55502 +852 2203 8303 Email

G/London Page 77 EFTA01476241 8 December 2015 World Outlook 2016: Managing with less liquidity Contacts Name Coverage David Folkerts-Landau Michael Spencer Economics Peter Hooper Torsten Slok Joe LaVorgna Mark Wall Stefan Schneider Mikihiro Matsuoka Michael Spencer Taimur Baig Gustavo Canonero