Epstein Secrets

4 Deutsche Bank AG/London EFTA00610289 9 January 2014 FX Blueprint: Thin end of the wedge Theme #8: Balti not faulty, China yet finer 2013 saw Asian FX fracture into a North and South complex. Relative sensitivity to the yen, the EM debt bubble, and the developed world equity/growth cycle all serv

have seen a long USD/SGD view as a good 'long- haul' trade to play for USD strength and US yield re- pricing. However, the lesson from 2013 was that USD/SGD took its cues more from the USD/G10 TVVI than its USD/Asia peers which often behaved Indian exports have been a bright spot in Asia 15 10 5 -10

Dashing Buck Theme #7: Japanese Takeaway 3E We expect sensitivity to the JPY and offshore portfolio allocation preferences will continue to drive Asian FX. We are long USD/KRW, USD/SGD & MYR/JPY. Asian FX returns this year have largely been driven by varying sensitivities to the JPY. Correlations to

delta AUD/USD call Theme #5: NOK o'Clock: Buy NOK/SEK Theme #6: No Chinese Quick Fix: Buy USD/CNH calls Theme #7: Japanese Takeaway: Buy USD/KRW, USD/SGD, buy MYR/JPY Theme #8: EMEA Reality Check: Buy PLN/CZK, buy EUR/HUF and USD/ZAR calls, buy USD/TRY put Theme #9: Mexican Siesta: Take profit on sh

9 January 2014 FX Blueprint: Thin end of the wedge Theme #8: Balti not faulty, China yet finer 2013 saw Asian FX fracture into a North and South complex. Relative sensitivity to the yen, the EM debt bubble, and the developed world equity/growth cycle all serv

have seen a long USD/SGD view as a good 'long- haul' trade to play for USD strength and US yield re- pricing. However, the lesson from 2013 was that USD/SGD took its cues more from the USD/G10 1VVI than its USD/Asia peers which often behaved Indian exports have been a bright spot in Asia 15 10 .5 -10