EFTA Document EFTA01449263

28 February 2013 Exchange Rate Perspectives Deutsche Bank TI FX Valuation Monitor: Lines in the Sand (PPM* Figure 1: The euro is expensive and the dollar cheap 40 30 34 8533.29 21.65 130 120 110 20 15.7815.69 11.9 100 10 6.60 90 1.50 0 80 [ AUD NZD CHF CAD NOK EUR GBP SEK AP/4 -10 y 70 -10.10 60 jl -20 Figure 2: The dollar is 12% cheap to fair value t‘9 Figure 3: EUR/USD: The euro is expensive though remains within the 20% threshold ... 1.6 1.4 1.2 1.0 0.8 0.6