forecasts lower. We now see EUFt/LISD moving down to 1.00 by year-end. 90cents by 2016 and down to a trough of 85cents by 2017. Date 9 March 2015 George Saravelos Strategist a We also foresee a continuation of low and flat global yield curves: Europe will continue being a major source of global imbalances f

in Greece and the cross asset market reaction (details below). In addition I have attached a Special Report on Greece from DB head of FX Research, George Saravelos, that outlines the three major developments that occurred in the last two days, and his perspectives on the week ahead. Best, Ari Please join De

for a Conference Call on Tuesday December 16nd, 2014 10:00 HY? / 15:00 LDN Thoughts and Trades into Greece Presidential Elections: Hosted by: George Saravelos Head of European PK & Cross-Market Strategy Omar Ghalloudi Head of European IG Credit Trading Ozan Taxman Multi Asset Coverage Global Co-Head U

8:25:50 +0000 lane -Images: image001.jpg; image002.jpg; image003.gif; image004.gif Classification: Confidential Jeffrey - please see below. From: George Saravelos Sent: Thursday, November 05, 2015 11:27 AM Cc: Oliver Harvey Subject: Changing our view on GBP, turning very bearish From Oliver Harvey: Today's

lients are invited to dial in up to 15 minutes before the call starts, in order to be prioritized into the call) "Post Greek Referendum Hosted by: George Saravelos Co-Head of Global FX Research Ozan Tarman Global Co-Head of Multi Asset Coverage Dial in: International: +44 1452 559 213 US: +1 877 303 4769

should also be beneficial to the UK's growth mix, which remains geared towards consumption. This makes valuations very unappealing. As my colleague George Saravelos has argued, the pound is now the most expensive currency in the world measured on an average of REER, BEER and FEER valuation metrics. In sum, with

Dwyer; 'Richard Kahn' Subject: Changing DB's view on GBP, turning very bearish [C] Classification: Confidential Jeffrey — please see below. From: George Saravelos Sent: Thursday, November 05, 2015 11:27 AM Cc: Oliver Harvey Subject: Changing our view on GBP, turning very bearish From Oliver Harvey: Today's

George Saravelos FX Research Deutsche Bank AG Fihale London Tel. Mobil Email Rumitactu Per form. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0047

ients are invited to dial in up to 15 minutes before the call starts, in order to be prioritized into the call) "Post Greek Referendum Hosted by: George Saravelos Co-Head of Global FX Research Ozan Tarman Global Co-Head of Multi Asset Coverage Dial in: Inte US: Passcode: 1 week Replay ( Inte US: Rese

tion, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. George Saravelos Regulatory Disclosures 1 Important Additional Conflict Disclosures Aside from within this report, important conflict disclosures can also be found

dam, our US Wealth Management CIO, gives a brief US macro update and his views on the Chinese equity markets. • FX Daily - Co-Head of FX Research, George Saravelos, revisits his bearish EUR/USD view in light of large-scale European capital outflows and an impending Fed tightening cycle. Paul Morris Managing D

er; 'Richard Kahn' Subject: Changing DB's view on GBP, turning very bearish [C] > Classification: Confidential Jeffrey — please see below. From: George Saravelos Sent: Thursday, November 05, 2015 11:27 AM Cc: Oliver Harvey Subject: Changing our view on GBP, turning very bearish From Oliver Harvey: Today's

tion, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. George Saravelos Regulatory Disclosures 1 Important Additional Conflict Disclosures Aside from within this report, important conflict disclosures can also be found

10: Turning Up the Volume: Buy USD/GBP variance swap and AUD/USD variance swap Research Team London Bilal Hafeez James Malcolm Henrik Gullberg George Saravelos Caio Natividade Siddharth Kapoor Oliver Harvey Nicholas Weng New York Alan Ruskin Daniel Brehon Drausio Giacomelli Guilherme Marone Mauro R

y Adam, our US Wealth Management CIO, gives a brief US macro update and his views on the Chinese equity markets. FX Daily — Co-Head of FX Research, George Saravelos, revisits his bearish EUR/USD view in light of large-scale European capital outflows and an impending Fed tightening cycle. Paul Morris Managing

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.

s — David Bianco, U.S. Equity Strategist, explains the reasoning behind his 5% S&P EPS growth estimate for 2016. DB Special Report — FX Strategists George Saravelos and Robin Winkler show that their "Euroglut" hypothesis, first introduced in October 2014, is now a reality; the Eurozone has experienced an unprec

th Management): FX — Number 1 in FX trading, dominate - 1/3 of the - $47 FX market [Faraz Munaim, CB&S FX Sales; Caleb David, Head of AWM FX Sales; George Saravelos, DB Research] Equities—Leverage the extensive work of DB Global Markets Research, Traders, and Equity Capital Markets [Joe Spinelli, CB&S Equity S

: FX — Number 1 in FX trading, dominate —1/3 of the - $4tn FX market [Faraz Munaim, CB&S FX Sales; Caleb David, Head of AWM FX Sales; Bilal Hafeez, George Saravelos, and global team, DB FX Strategists] Equities— Leverage the analysts/strategists within DB Global Markets Research division, Traders, and Equity Ca

PM EDT To: Tazia Smith >, Alison-T Sinicropi Su=ject: DB Researc : p a e Good Afternoon — happy end of summer to you!=Please see below note from George Saravelos (O6's Global co- Head of=FX Research) on EUR/USD. He lists reasons as to why the current euro level does not ap=ear particularly extreme and most im