EFTA Document EFTA01459610

12 January 2016 FX Blueprint: Forever Young Theme #12: Burrito barato, pisco not sour - buy MXN/COP, PEN/CLP a Go long MXN/COP on fundamental divergence, greater Banxico management of currency volatility and the pair's undervaluation vs. oil. Go long PEN/CLP - the pair has reduced exposure to copper and BCRP's substantial FX reserves should ensure continued management of PEN and relative outperformance versus other commodity exporters in Let Am. Focus on heterogeneity As mentioned i