Epstein Secrets

Source: DB FX Research EUR/USD PPP EUR/USD 20% Band 0.6 0.8 1.0 1.2 1.4 1.6 73 77 81 85 89 93

algebra. EM graphs available upon request. Page 14 Deutsche Bank AG/London EFTA01464509 28 February 2013 Exchange Rate Perspectives Figure 6: USD/CAD is cheap vs. BEER FV Figure 7: AUD/USD is quite expensive vs. BEER FV Source: DB FX Research Source: DB FX Research Figure 8: NZD/USD is very exp

D bin Japan Figure 8: USD/JPY spot vs. PPP 20% Band USD/JPY 115 165 215 265 315 65 Source: Da

y unchanged, with EUR/USD, USD/JPY and GBP/USD seen at 0.90, 128 and 1.27 respectively. We anticipate extremes in the likes of AUD/USD, NZD/USD and USD/CAD at 0.62, 0.53 I nd 1.40 respectively. In macro terms, how 2016 shapes up will be heavily influenced by whether the main macro driver is the Fed or

120 130 60 70 80 90 USDTWI PPP USDTWI 20% Band 60 70 80 90 100 110 120 130 Figure 3: EU

CLP PLN SEK GBP KRW JPY INR ZAR ARS EFTA01464349 30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax Figure 6: USD/CAD is cheap vs. BEER FV Figure 7: AUD/USD is quite expensive vs. BEER FV 0.8 1.0 1.2 1.4 1.6 1.8 CAD BEER Fair Value Spot 80 82 84 86 88 90 9