Epstein Secrets

175 • 155 - 135 115 • 95.: Index te le tete ette Figure 3: Bloomberg Commodity Index at lowest level since 2002 Source: Bloomberg Finance LP, Deutsche AWM. Data as of July 30. 2015. — The primary driver of the U.S. dollar going forward will be the market's perception of the timing and magnitude of e

Due to this, we expect the U.S. dollar to appreciate to parity against the euro and to 130 against the Japanese yen by June 2016. Deutsche Asset S. Wealth Management July 31. 2015 Focus of the week Commodities: Recent weakness in commodities is likely to continue as the dollar strengthens ahead of the first F

Dec nS8P 500 Monthly Returns Lest 20 Yews (LHS) •% Time Positive (Last 20 Years) (RHS) Figure 1. Beware of negative seasonality' Source: FactSet, Deutsche AWM Data as of July 30. 2015. • Data presented are averages for 19942014 10-year U.S. Treasuries have been in a tight range as the eventuality of rat

we see limited risk for either event. Lastly, corporate America remains healthy and default expectations remain historically low. Deutsche Asset S. Wealth Management July 31. 2015 Focus of the week Equities: With valuations heightened and negative seasonality, we remain cautious on equities in the near term.

Dec nS8P 500 Monthly Returns Lest 20 Yews (LHS) •% Time Positive (Last 20 Years) (RHS) Figure 1. Beware of negative seasonality' Source: FactSet, Deutsche AWM Data as of July 30. 2015. • Data presented are averages for 19942014 10-year U.S. Treasuries have been in a tight range as the eventuality of rat

we see limited risk for either event. Lastly, corporate America remains healthy and default expectations remain historically low. Deutsche Asset S. Wealth Management July 31. 2015 Focus of the week Equities: With valuations heightened and negative seasonality, we remain cautious on equities in the near term.

175 • 155 - 135 115 • 95.: Index te le tete ette Figure 3: Bloomberg Commodity Index at lowest level since 2002 Source: Bloomberg Finance LP, Deutsche AWM. Data as of July 30. 2015. — The primary driver of the U.S. dollar going forward will be the market's perception of the timing and magnitude of e

Due to this, we expect the U.S. dollar to appreciate to parity against the euro and to 130 against the Japanese yen by June 2016. Deutsche Asset S. Wealth Management July 31. 2015 Focus of the week Commodities: Recent weakness in commodities is likely to continue as the dollar strengthens ahead of the first F

175 • 155 - 135 115 • 95.: Index te le tete ette Figure 3: Bloomberg Commodity Index at lowest level since 2002 Source: Bloomberg Finance LP, Deutsche AWM. Data as of July 30. 2015. — The primary driver of the U.S. dollar going forward will be the market's perception of the timing and magnitude of e

Due to this, we expect the U.S. dollar to appreciate to parity against the euro and to 130 against the Japanese yen by June 2016. Deutsche Asset S. Wealth Management July 31. 2015 Focus of the week Commodities: Recent weakness in commodities is likely to continue as the dollar strengthens ahead of the first F

Dec nS8P 500 Monthly Returns Lest 20 Yews (LHS) •% Time Positive (Last 20 Years) (RHS) Figure 1. Beware of negative seasonality' Source: FactSet, Deutsche AWM Data as of July 30. 2015. • Data presented are averages for 19942014 10-year U.S. Treasuries have been in a tight range as the eventuality of rat

we see limited risk for either event. Lastly, corporate America remains healthy and default expectations remain historically low. Deutsche Asset S. Wealth Management July 31. 2015 Focus of the week Equities: With valuations heightened and negative seasonality, we remain cautious on equities in the near term.