ltorr — EuRfAXISUSL*004 2y impliedear 2010 IOU 2012 2013 2014 2015 2016 2017 Graph 3: 1v realized correlation vs. strike 10014 10% 60% a 20% CS L EURMXN-USOkiltN 1y mat car EuRlAxt4-USDhOtti 3m eel car r -X% 2060 2303 2009 2010 2011 2012 2013 2014 2015 2016 2017 Sources: Deutsche Bonk Bl

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