EFTA Document EFTA01455672

From: Paul Morris Sent: 9/25/2014 11:29:26 AM To: Uzair Aqeel CC: Caroline Kitidis l; Nav Gupta j; Tazia Smith I j; Vinit Sahni Subject: Re: Key themes & trades Attachments: pic21923.gif; pic08924.gif; pic02531.gif; pic22504.gif; pic22267.gif thanks, let's try to get some folks engaged on these Paul Morris Managing Di rector Deutsche Bank Private Bank New York NY 10154 office: cell: From: Uzair Aqeel To: Tazia Smith Cc: Nav Gupta, Vinit Sahni Paul Morris Caroline Kitidis Date: 09/25/2014 08:07 AM Subject: Key themes & trades Hi Tazia, Here are some trades we're thinking about that Nay suggested you may wish to highlight to Jeffrey Epstein. Key themes: Divergence in monetary policy between the Fed & Bank of England on the one hand and ECB & Bank of Japan on the other Continued capital inflows into Asian countries where financial conditions are easing (eg, Japan) and/or structural reforms are being implemented (eg, India) uS recovery - buying into dips as US anchors global growth EURUSD continues to break down -- if you're looking to reload: Trade: A ly EURUSD 1.25 put financed by selling the 1.30 call has zero net premium (spot ref: 1.2740) EURUSD has broken below 1.28 during the last 24 hours with us data continuing to firm, the market is recalibrating when the Fed will deliver hikes - earlier rather than later On the other hand, given the Ears stated determination to spur inflation in the Eurozone, full-blown QE looks likely next year This chart shows the correlation between EURUSD and the spread between EUR and US interest rates (yellow) (Embedded image moved to file: pi c21923 . gi f) Source: Bloomberg 25-Sep-2014 EURINR lower as a combined play on continued inflows into India and ECB activism: CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0114568 CONFIDENTIAL SDNY_GM_00260752 EFTA01455672