change rate is perhaps as much as 15% undervalued « We remain neutral for now given US election risks are likely to remain high in the near term By Claudio Irigoyen and Ezequiel Aguirre Chart of the day: MXN may be as much as 15% undervalued ND oO ee) a) + 2. 2. S + a cs cs s x ao a NOE Ann OO NOE ADs OO 2

of America Merrill Lynch Global Rates, FX & EM 2017 Year Ahead | 16 November 2016 35 HOUSE_OVERSIGHT_014765 --- PAGE BREAK --- Best Carry Trades Claudio Irigoyen Mai Doan MLPF&S MLI (UK) [email protected] [email protected] Rohit Garg Vadim laralov Merrill Lynch (Singapore) MLPF&S [email protected] vadi