Epstein Secrets

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

es Malcolm Henrik Gullberg George Saravelos Caio Natividade Siddharth Kapoor Oliver Harvey Nicholas Weng New York Alan Ruskin Daniel Brehon Drausio Giacomelli Guilherme Marone Mauro Roca Singapore Sameer Goel Mallika Sachdeva Sydney John Horner Tokyo Taisuke Tanaka Head of FX Strategy Bilal Hafee

about duration we note that interest rate differentials vs. DM are still near lows. We see relatively high term premium in Peru (but tighten stop), Hungary (favoring flatteners), and Israel (vs. US payers), but keep steepeners in Asia and CZK. Favor ARS floaters (Bocan 20s) and hard currency for durati

ed if 20s' amortization is not paid by Wednesday). Stay neutral South Africa as spreads price in downgrades and retain 5s10s cash curve flatteners. Drausio Giacomelli CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0089088 CONFIDENTIAL SDNY_GM_00235272 EFTA01387044

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rkey Figure 71: Total returns of Turkish equities versus oil price — YoY growth, both USD (%) Source: Deutsche Bank (Marc Balston, Robert Burgess, Drausio Giacomelli, Gustavo Canonero, Taimur Baig), Haver Analytics Source: Deutsche Bank, Bloomberg Finance LP Our long-standing overweight position on Turkish equ