EFTA Document EFTA01449360

28 February 2013 Exchange Rate Perspectives Deutsche Bank Figure 5: USD/JPY Broken Away From Rate Differentials 115 110 I0) 105 S 95 85 - 80 75 -t- 09 101%* Doltd. Aviv Econ.) .USD/JPY(lhs) 2y spread (bpsins) 10 11 12 • • Figure 6: Record Negative Correlation Between Dollar and Stocks Reversing Suggests Regime Change 2y corretothon between USD TW1 and S&PSOO 200 using 1y rolling returns 100% ' I , rg levels 80% 150 60,0. n I 40% ti I 20% t 100 0% •I hi tr i )