EFTA Document EFTA01387377

9 January 2018 FX Blueprint Figure I: For the dollar it is 2004-06 all over again Dollar index in different G10 rate environments red = USD a top-4 high-yielder r 160 150 2005-06 even Moog 140 dollar dropped in 130 Fed hiked 120 110 160 150 140 130 120 110 100 90 80 70 94 92 00 08 17 76 li Sway Mare &S. Enneg Awn UP [Figure 2: US assets are already extremely expensive record high valuation in 4%k E expenses %%"•*: US assets 100% 2% I IY 80% 0% 60% -2%