Epstein Secrets

y an attractive trading partner for Europe, with significant mineral resources, a large landmass bordering four EU member states (Poland, Slovakia, Hungary, and Romania), an educated population of forty-five million, and a 2012 GDP of more than $175 billion. However, it EFTA00636723 has heavy financi

vanced army, would prove to be a significant opponent for China in the event of an outright military conflict. What's more, Japanese Prime Minister Shinzo Abe has expressed a desire to water down his country's strictly pacifist constitution. US 'Pivots' to Asia In 2011, Obama announced a "pivot" to the A

ict. What's more, Japanese Prime Minister Shinzo Abe has expressed a desire to water down his country'

1.22 7.48 7.30 7.20 7.10 - 7.51 7.54 7.61 8.45 8.20 8.10 8.00 - 8.47 8.49 8.54 Source: Datastream, Reuters, Bloomberg Finance LP, DB forecasts Hungary Indonesia IDR/USD 9,686 9,950 9,900 9,850 (Fwd. Rates) Malaysia MYR/USD 3.10 3.07 3.05 3.02 (Fwd. Rates) 3.12 3.13 3.16 Philippines PHP/USD 40.

ency markets are no longer reacting as strongly to such measures. Instead, other central banks are catching up to Fed easing, such as the BoJ since Abe's election (or even earlier the SNB in 2011), are having a distinctly bigger a more negative impact on their currencies over the dollar. Finally,

rrency weakness, and more inclined to continue to push through rate cuts, if not regardless of FX, at least as long as FX depreciation is orderly. Hungary's NBH have made it very clear that the focus is on growth, and that inflation is taking the back-seat for now. Consequently, the NBH rate cutting

nd ahead of the April '14 consumption tax hike)! Measures of progress will come over the summer, with investors able to gauge the reaction to: (i) Abe's grand deregulation and competition plan, to be unveiled midJune; (ii) the Tokyo metropolitan and Upper House elections, in June and July respect

2.6 3.6 3.0 5.0 5.8 5.8 5.1 Bulgaria 1.7 0.7 1.5 Czech Republic 1.9 -1.1 0.0 -1.6 -1.3 -1.6 0.0 0.8 2.4 1.4 3.4 2.7 2.2 2.4 Hungary 1.6 -1.4 0.0 .1A -0.7 •1.0 0.0 0.5 1.8 2.0 5.5 5.5 3.7 3.9 Poland 4.3 2.1 1.6 0.8 1.6 0.5 1.3 2.3 3.0 2.3 4.0 2.9 1.9 2.

llowed by EMU, with the new Washington compromise or Fed hawkishness more in the camp of shorter-term tactical games. • Starting in Japan, new PM Abe has strong convictions, incentives, and we believe the ability to push true fiscal stimulus financed by massive QE. Expectations of Japanese reflat