EFTA Document EFTA01449264

28 February 2013 Exchange Rate Perspectives Deutsche Bank Figure 7: USD/CAD: CAD overvaluation is being unwound 1.7 1.6 1.6 1.4 1.3 1.2 1.1 1.0 0.9 73 77 81 Sane De nenoseoc• 85 89 93 97 01 05 09 13 1.7 1.6 1.5 1.4 1.3 1.2 .1 1.0 0.9 Figure 9: USDINZD and so is NZD 30 25 20 15 j r4 a r w- USO/NZD 20% Dad PPP USWNZD 73 77 81 85 89 93 97 01 05 09 13 Figure 8: USD/AUD. AUD is very expensive, beyond 20°o threshold... 21 18 1 12 09 06