sues around the Euro-area crisis. We look for the euro to eventually head to 1.10 by 2015 (and 1.20 by year-end and 1.15 by end-2014). Figure 19: US/Euro Rate Spreads Sideways EFTA01464499 -1.05 -0.55 -0.05 0.45 0.95 1.45 Source: Deutsche Bank, EcoWin Detrended USD vs EUR(pre-99 DEM, lhs) 2y rate