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Securities Korea Co. South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch Register Number in South Africa: 1998/003298/10). Singapore: by Deutsche Bank AG, Singapore Branch or Deutsche Securities Asia Limited, Singapore Branch (One Raffles Quay #18-00
23 July 2015 FX Daily: An update to our EUR/US0 view (and forget QE, think CT) to or inspired by the contents of this publication. The risk of loss in futures trading and
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
lster AUD. One of the other key drivers of our resilient-AUD view has been the expectation of ongoing mining-related FDI inflows (see for instance FX Daily: On-Hold RBA Lifts AUD, But FDI Inflows And G3 Policy Remain Key Supports, 5 March 2013). Despite recent negativity on the mining investment outlo
Securities Korea Co. South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch Register Number in South Africa: 1998/003298/10). Singapore: by Deutsche Bank AG, Singapore Branch or Deutsche Securities Asia Limited, Singapore Branch (One Raffles Quay #18-00
23 July 2015 FX Daily: An update to our EUR/US0 view (and forget QE, think CT) to or inspired by the contents of this publication. The risk of loss in futures trading and
Entities connected to both South Africa and FX Daily

United Kingdom
LOCATION
Deutsche Bank
ORGANIZATION
Frankfurt
LOCATION
Malaysia
LOCATIONDeutsche Bank AG Johannesburg
ORGANIZATIONthe Kanto Local Finance Bureau
ORGANIZATIONthe Federal Republic of Germany
LOCATIONthe Prudential Regulation Authority
ORGANIZATIONBaFin
ORGANIZATIONThe Financial Futures Association of Japan
ORGANIZATION
Hong Kong
LOCATIONDeutsche Securities Inc.(DSI
ORGANIZATIONDeutsche Bank Securities Incorporated
ORGANIZATION
Federal Financial Supervisory Authority
ORGANIZATION
Moody's
ORGANIZATIONNippon
ORGANIZATION