EFTA Document EFTA01458612

25 September 2015 FX Forecasts and Valuations: Don't throw in the towel Figure 2: Real MN' deviation from 10 year averages: latest versus the range of values in the last 20yrs. !Non- Japan Asia real FX is still not cheap. 50 - 30 10 -10 -30 - -50 -70 - ■ `95-Today range -'95-Today median x Latest value )- CC e. CC Z a Z CC CC Ma- (OO-D g a-, g± Rffiolen A x„-iocctuzO>-= O42CAZO -1- M`-'O° 3 `Data available from December 1999 onwards seat Dimes-* Drown Our forecasts: 1. We h