EFTA Document EFTA01450207

to a record 511.415 TN. Reserves have inflated 330% in ten years. Lets focus on some trades here: 1) This environment is supportive for carry trades, which has been reflected in the outperformance of high yielders following the announcement of the LIS debt deal. Long AUD/USD: Longer term investors remain relatively short AUD, which suggests that AUDUSD strength has further to run. A move above parity is unlikely as the RBA should step in. Therefore buy 2m 0.9750 call against selling 2x 0