Epstein Secrets

tions) also bear the risks typical to options in addition to the risks related to rates movements. Deutsche Bank AG/London Page 25 EFTA00610300 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Global Chief Operating Officer Research Marcel Cassard Global Head F

r, but a widening current account deficit and stronger USD will constrain gains versus the euro and dollar. We are moderately bearish EUR/GBP and GBP/USD, forecasting 80p and 1.54 by end-year respectively. • As an outright trade we prefer buying GBP versus CAD, on which we are more bearish. It rema

r the risks typical to options in addition to the risks related to rates movements. EFTA01464473 Deutsche Bank AG/London Page 23 EFTA01464474 David Folkerts-Landau Global Head of Research Marcel Cassard Global Head CB&S Research Asia-Pacific Fergus Lynch Regional Head International Locations Deutsche Ba

agflation remains a prominent issue, further, it is worth nothing that almost any policy response could conceivably push volumes higher given that GBP/USD spot volumes experienced one of the sharpest falls YtD within the Deutsche Bank AG/London The bigger picture: Trading volumes and volatility 100

Deutsche Bank Research Global Cross-Discipline Date 8 December 2015 World Outlook 2016 Managing with less liquidity David Folkerts-Landau 'tors Peter Hooper Chief Economist Matthew Luzzetti Chief Economist Mark Wall Chief Economist Torsten Slok hi f E n mi t Deutsche Bank AG/L

vily concentrated in commodity and EFTA01475991 EM currencies. Our end-2016 forecasts are largely unchanged: EUR/USD at 0.90, USD/JPY at 128, and GBP/USD at 1.27. Commodities: Supply adjustment is well underway for oil, not so for the metals We expect OPEC will have engineered one of the sharpest hi