Epstein Secrets

ules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin This research report has been prepared and issued by MLPF&S andror one or more of its non-US affiliates. MLPF&S is the distributor of this research

right now IX Buy 6M ATM EURSEK straddles: We see a number of key events for the rest of the year wtich should see EURSEK vol rise including ECB and Riksbank meetings as well as the announcement of a new Riksbark Governor. EUR?SEK vol looks cheap on our metrics. Buy EURAJSO out spreads: near.temi headwi

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rowth; we should see this in the coming years %yoy 0 1 2 3 4 5 1985 Productivity growth (3y moving avg, ls) Real wage growth (2y lead, rs) Riksbank Norges Bank RBA We disagree with many arguments against hiking rates — and gradual hikes in any case reduce the chance of a policy error Argumen

ion/rates inconsistent. ¢ Long RUB/ZAR (positive on oil, cautious on S African politics). ¢ Short EUR/SEK, strong Swedish growth, limiting room for Riksbank easing. Current trade recommendations 2 Global Cross Asset Strategy - Year Ahead | 30 November 2016 BankofAmerica <2” Merrill Lynch HOUSE_OVERSIG

rules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin. This research report has been prepared and issued by MLPF&S and/or one or more of its non-US affiliates. MLPF&S is the distributor of this research