Epstein Secrets

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.

ts or how you can take advantage of the recent volatility spike, we will be happy to schedule a call. Additional pieces include: Credit Strategy — Jim Reid, our global credit strategist, looks at interesting topical themes and potential opportunities that exist in credit markets. He first looks at the

ally turns. We anticipate extremes in the likes of AUD/USD, NZD/USD and USD/CAD at 0.60, 0.50 and 1.45 respectively. Alan Ruskin (1) 212-250-8646 George Saravelos (44) 20-754-79118 Figure 6: USD/JPY and USD/EUR performance depending of US yield curve USD/JPY and USD/EUR performance depending of US yield cu

out carry for another 12 months. On balance we're mildly bullish European credit due to being less late cycle than the US and due to valuations. Jim Reid, (44) 20 754 72943 Nick Burns, (44) 20 754 71970 Rank (31 Dec 2014) Rank (31 Dec 2013) Tight Spread Page 52 Deutsche Bank AG/London 2003 2004

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

Wall Stefan Schneider Mikihiro Matsuoka Michael Spencer 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