ion/rates inconsistent. ¢ Long RUB/ZAR (positive on oil, cautious on S African politics). ¢ Short EUR/SEK, strong Swedish growth, limiting room for Riksbank easing. Current trade recommendations 2 Global Cross Asset Strategy - Year Ahead | 30 November 2016 BankofAmerica <2” Merrill Lynch HOUSE_OVERSIG

. = Cryptocurrency proposals are being considered by several central banks, including Singapore’s MAS, China’s PBOC, Russia’s Central Bank, Sweden’s Riksbank and Ecuador’s Banco Central. = A successful central bank cryptocurrency could substantially reduce fraud and tax evasion. 23 HOUSE_OVERSIGHT_025686

ng FX headwinds, outlook confirmed (trading -3%) Yara seeks authorization to buy back up to 5% of its outstanding shares (trading -0.3%) Sweden's Riksbank leaves key rate unchanged at 1.50% (as expected) as recession risks ease Wynn Macau closed +5.2% on chatter that government is close to giving thum

right now IX Buy 6M ATM EURSEK straddles: We see a number of key events for the rest of the year wtich should see EURSEK vol rise including ECB and Riksbank meetings as well as the announcement of a new Riksbark Governor. EUR?SEK vol looks cheap on our metrics. Buy EURAJSO out spreads: near.temi headwi

■ Cryptocurrency proposals are being considered by several central banks, including Singapore's MAS, China's PBOC, Russia's Central Bank, Sweden's Riksbank and Ecuador's Banco Central. ■ A successful central bank cryptocurrency could substantially reduce fraud and tax evasion. Source: Investment Strate

s inflation as being persistently stronger than previously forecast. To sum up, we remain long SEK against EUR and CHF in anticipation of a hawkish Riksbank turn by year-end. While hardly contrarian, our impression from recent client marketing is that SEK longs are far less extended than in the summer.

on hold at its last meeting with rates well below zero. We see further gradual depreciation of CHF vs. EUR going forward. Sweden In December, the Riksbank left its rates profile broadly unchanged, suggesting rates will remain sub-zero until end-2017. Norway Norges Bank surprised with a rate cut in Se

Page 11 EFTA01464446 16 May 2013 FX Blueprint: Dashing Buck Meanwhile in Sweden imported deflation is dragging headline CPI further below the Riksbank's projection (in April -0.5% YoY vs the -0.2% projection). For the inflation targeting Riksbank this should mean further policy easing, and it mig

rowth; we should see this in the coming years %yoy 0 1 2 3 4 5 1985 Productivity growth (3y moving avg, ls) Real wage growth (2y lead, rs) Riksbank Norges Bank RBA We disagree with many arguments against hiking rates — and gradual hikes in any case reduce the chance of a policy error Argumen