EFTA Document EFTA01449363

28 February 2013 Exchange Rate Perspectives Deutsche Bank Figure 21: Almost All FX Weaken When Dollar Strengthens. 750- 50o- 250- Co - .25 .50o- -750- r t ra: too: vtnrn< oingo f•dricio, nc GIO EMEA Latin IIIIII _III T Asia CUR ..PY O5P CHF RA 0k ALO Nm CAD PUI CL( HIS ALS 'WY IM( NA FAN. eet CV COP Pill IOW IWO MO HAD CNY He WO PHP NB MM We only expect modest CNY appreciation against the dollar. One measure of valuation points to only modest undervaluation (see Figure 20). Moreo