EFTA Document EFTA01449368

28 February 2013 Exchange Rate Perspectives Deutsche Bank O Figure 13: Equity flows tend to respond with a lag to marke performance 230 180 • 130 • 80 - 30 • -20 • -120 - US Stooks Fonoign %as -170 -S&P 700 Olal 77 79 61 63 86 87 89 91 93 96 97 99 01 03 05 07 09 11 13 kw. Nub", &rot US relklurved Won) ea) Seank”O' Figure 14: The dollar is increasingly following net equity flows 28 200 2.4 150 2.0 1C0 1.6 50 12 0 0.8 -60 0.4 0.0 -103 Figure 15: Generally inverse