Epstein Secrets

Additional pieces include: Credit Strategy — Jim Reid, our global credit strategist, looks at interest

curves, and finally looks at how Euro credit has lost its valuation advantage relative to US/UK credit. FX Research — Our Co-Head of FX research, George Saravelos, argues that 2015 will mark the peak in global FX reserve accumulation and discusses how this will affect global fixed income fields and the USD.

te cycle than the US and due to valuations. Jim Reid, (44) 20 754 72943 Nick Burns, (44) 20 754 71970

ally turns. We anticipate extremes in the likes of AUD/USD, NZD/USD and USD/CAD at 0.60, 0.50 and 1.45 respectively. Alan Ruskin (1) 212-250-8646 George Saravelos (44) 20-754-79118 Figure 6: USD/JPY and USD/EUR performance depending of US yield curve USD/JPY and USD/EUR performance depending of US yield cu

minic Konstam Francis Yared Oleg Melentyev Jim Reid David Bianco Sebastian Raedler Alan Ruskin Ge

cer Taimur Baig Gustavo Canonero Strategy Dominic Konstam Francis Yared Oleg Melentyev Jim Reid David Bianco Sebastian Raedler Alan Ruskin George Saravelos Michael Hsueh Binky Chadha Peter Garber Global Head of Research Global Head, Macro Research Telephone +44 20 754 55502 +852 2203 8303 Email