EFTA Document EFTA01387376

looking to stop doing this, but for that to happen USDILS needs to stop moving lower. That's why I don't think they can be the trigger, but if USDILS starts moving higher, they will reassess their hedging strategy and hedge less of the FX exposure (As this is expensive for them) - that could accelerate the move higher in USDILS. 2.5 to 1.3 1.0 0.6 to -1.0 I4.5 .0° ;lb Figure 5: Transactions in foreign exchange assets vis-a•vis change in NiStf ore g n currency derivatives' (S billio