15: USD BIS TWI is a bit cheap vs. FEER FV Source: DB FX Research Source: DB FX Research Figure 16: USD/CAD is quite cheap vs. FEER FV Figure 17: AUD/USD is fair value vs. FEER FV Source: DB FX Research Source: DB FX Research Page 16 Deutsche Bank AG/London EFTA01464511 28 February 2013 Exchange

forecasts are largely unchanged, with EUR/USD, USD/JPY and GBP/USD seen at 0.90, 128 and 1.27 respectively. We anticipate extremes in the likes of AUD/USD, NZD/USD and USD/CAD at 0.62, 0.53 I nd 1.40 respectively. In macro terms, how 2016 shapes up will be heavily influenced by whether the main macro