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efta-efta01458613DOJ Data Set 10CorrespondenceEFTA Document EFTA01458613
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25 September 2015
FX Forecasts and Valuations: Don't throw in the towel
;Figure 3: The Dollar Cycle has been trout-loaded but still has 10% on the real T1/4 11 index to go.
140 •
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160
150
140
130
120
110
100
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!Table 2: G10 FX Forecasts - End of year forecasts
1 MDCrtnefie
Spot
04 2015
01 2016
2016
2017
2018
2019
EURIUSD
1.12
1.05
0.98
0.90
085
1.00
1.10
USD/JPY
120
125
127
128
120
110
105
08P/USD
1.62
1.53
1.46
1.27
1.15
1.27
1.34
USD/CHF
0.98
1.07
1.16
1.28
1.39
1.20
1.14
AUD/USD
0.70
0.69
0.66
0.82
0.60
0.85
0.70
NZD/USD
0.64
0.59
0.56
0.53
0.50
0.55
0.60
USD/CAD
1.33
1.35
1.38
160
1.40
1.30
1.20
USD/SEK
8.38
8.48
9.05
9.72
10.29
8.50
7.73
USD/NOK
8.45
8.84
9.23
10.80
12.12
9.44
8.14
rort -mnvol;
Spat
r )1 7015
01 2016
2016
2017
2018
2019
EUR/JPY
135
129
123
115
102
110
116
EUR/GBP
0.74
0.69
0.67
0.71
0.74
0.79
0.82
EUR/CHF
1.09
1.12
1.14
1.15
1.18
1.20
1.25
EUR/SEK
9.42
8.90
8.83
8.75
8.75
8.50
8.50
EUR/NOK
9.49
9.37
9.00
9.72
10.30
9.44
8.96
Sans Candsilarst
Deutsche Bank Securities Inc.
Pa ,
CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e)
DB-SDNY-0118603
CONFIDENTIAL
SDNY_GM_00264787
EFTA01458613
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