Epstein Secrets

Koruna/US$ (Fwd. Rates) Forint/US$ (Fwd. Rates) Latin America Spot Currency Rate Argentina ARS/USD 5.04 5.18 5.50 6.10 (Fwd. Rates) Brazil Chile 4.63 4.87 5.33 BRL/USD 1.98 1.95 2.00 2.05 (Fwd. Rates) CLP/USD 473 476 490 505 (Fwd. Rates) 480 485 495 Colombia COP/USD 1,814 1,770 1,750 1,

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,

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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

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