EFTA Document EFTA01451185

9 January 2014 FX Blueprint: Thin end of the wedge Hard to See FUR Story Gut Any Better The EUR was the star performer in 2013, despite a strong dollar elsewhere. The Euro-area's large current account surplus has helped, which has pushed the basic balance into positive territory and in the past has been associated with broad-based EUR-appreciation. It is for this reason that we expect the EUR to continue to hold up relatively well against many GIO FX. Looking at drivers more relevant t