EFTA Document EFTA01451213

9 January 2014 FX Blueprint: Thin end of the wedge differently. Our view that USD strength will broaden out to GI0 low-yielders like EUR, and continue to gain ground against the JPY is thus an important tailwind for USD/SGD. SGD is also one of the most overvalued currencies globally, with consensus across a broad range of models. Moreover, domestic vulnerabilities have built up in Singapore over the OE years from high household debt to bubbly property prices that leave her exposed to i