Epstein Secrets

ycles since the turn of the century the bank has at some point reduced rates by more than 25bps) and/or a more prolonged easing cycle. Elsewhere, South Africa's SARB seems to be warming to the idea of rate cuts despite a relatively weak ZAR. Governor Marcus recently emphasized the importance of a free-floa

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

ecasts 12.9 13.0 13.2 2.00 2.03 2.08 Russia Turkey 3M 6M 12M Poland Zloty/US$ (Fwd. Rates) Ruble/US$ (Fwd. Rates) Lira/US$ (Fwd. Rates) South Africa Rand/US$ (Fwd. Rates) Forint/Euro 296 280 280 280 EFTA01464482 (Fwd. Rates) 25.6 25.6 25.6 19.6 19.2 19.6 19.8 19.6 19.6 19.5 299 302 306 226 21

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

m the tailwinds provided by further ECB easing. Figure 19: EMEA: two very different inflation stories % yoy 10 -2 0 2 4 6 8 2014 Russia, South Africa, & Turkey CEE & Israel Inflation* 2015 * simple averages Source: Deutsche Bank Research 2016 2017 Figure 20: CEE: growth set to remain rob

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