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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
r the risks typical to options in addition to the risks related to rates movements. EFTA01464473 Deutsche Bank AG/London Page 23 EFTA01464474 David Folkerts-Landau Global Head of Research Marcel Cassard Global Head CB&S Research Asia-Pacific Fergus Lynch Regional Head International Locations Deutsche Ba
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.
tions) also bear the risks typical to options in addition to the risks related to rates movements. Deutsche Bank AG/London Page 45 EFTA01464565 David Folkerts-Landau Managing Director Global Head of Research Marcel Cassard Global Head CB&S Research Asia-Pacific Fergus Lynch Regional Head Principal Locatio
76014 0.5 2.1 -1.1 1.0 0.9 1.2 0.8 0.8 0.7 1.1 1.0 1.4 2.4 -0.4 1.7 1.6 1.7 1.3 1.5 1.6 1.9 1.9 1.8 2.3 0.3 EEMEA Poland Hungary Czech Republic Romania Russia Ukraine Kazakhstan Israel Turkey South Africa GDP (% yoy) 2015F 2016F 2017F 1.0 3.4 2.7 4.5 3.7 1.9 3.
Deutsche Bank Research Global Cross-Discipline Date 8 December 2015 World Outlook 2016 Managing with less liquidity David Folkerts-Landau 'tors Peter Hooper Chief Economist Matthew Luzzetti Chief Economist Mark Wall Chief Economist Torsten Slok hi f E n mi t Deutsche Bank AG/L
nland Greece Portugal Ireland United Kingdom Denmark Norway Sweden Switzerland Canada Australia New Zealand EEMEA Czech Republic Egypt Hungary Israel Kazakhstan Nigeria Poland Romania Russia Saudi Arabia South Africa Turkey Ukraine United Arab Emirates Asia (ex-Japan) China Hon
0 5.5 Deutsche Bank AG/London Page 77 EFTA01476241 8 December 2015 World Outlook 2016: Managing with less liquidity Contacts Name Coverage David Folkerts-Landau Michael Spencer Economics Peter Hooper Torsten Slok Joe LaVorgna Mark Wall Stefan Schneider Mikihiro Matsuoka Michael Spencer Taimur Baig
Entities connected to both Hungary and David Folkerts-Landau

Norway
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Romania
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Denmark
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United Kingdom
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Belgium
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Finland
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United States
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Malaysia
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New Zealand
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Bloomberg L.P.
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Philippines
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Tokyo
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Columbia University
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Frankfurt
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Sydney
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Deutsche Bank
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Chile
LOCATIONSteve Pollard
PERSONAndreas Neubauer
PERSONMichael Spencer
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