EFTA Document EFTA01379443

Deutsche Bank Markets Research Global Economics Rates Credit Special Report EMFX Outlook 2018: Growth-led Revaluation The EM FX rally versus the dollar in 2017 has been largely driven by weakening of the broad USD itself rather than "intrinsic" EM revaluation. Also, it overshadows a rather lacklustre performance of the 'carry trade' per se. We believe EM FX can perform well for the remainder of 2017 and in 2018 on the following factors: :: EM FX valuations are still attractive; ; T