EFTA Document EFTA01449321

30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax [Figure 13: EUR/CHF: CHF is expensive against the euro [Figure 14: EUR/CAD: CAD is close to fair value against leuro 4.0 3.5 3.0 2.6 2.0 1.6 1.0 EUP/CHF - - - • 20% Band PPP ELJR/CHF . 411, -.41'4 - [repeated 6 times] 73 77 saMIlvD8 XRIekine 01 06 09 13 4.0 3.5 3.0 2.5 2.0 1.6 1.0 'Figure 15: AUDINZD: NZD is fair value against AUD.... 1.8 1.6 1.4 12 1 0.8 0.6 73 77 Anew 011X1S 81 66 89 1.8 A, ak" 1.4 1.2 1.0 0.8 0.8 93 97 01 06 09 13 rr " 1.1 yrd• air - - - • 20% Band 0.9 7 PPP EUR/CAD 73 77 81 85 89 93 97 01 05 09 13 Sector DRIXReitaltli 1.9 1.7 1.5 13 • 1.1 0.9 Figure 16: CAD/NZD: ....and is expensive against CAD 73 77 81 85 89 93 97 01 05 09 13 1.4 1.2 1.0 0.8 0.8 0.4 attar 011X Mama Figure 17: JPY/NZD: NW is expensive against the yen (Figure IS: GBPLIPY: JPY is very cheap against GBP 0.025 0.020 0.015 0010 0005 o coo Sane 08 PXRewtn Page 20 0.025 800 803 -GBP/JPY 700 700 0.020 20% Band 600 MO PPP GBP/JPY 0.015 500 500 400 1.,' I, CO 0.010 300 330 200 • 41.4-.1k"?.1_,• ----A" ;asd4 203 0.005 --wr --nbilt. -stmEvei 100 100 0.000 73 77 81 85 89 93 97 01 06 09 13 San DIA( Rana Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 104676 CONFIDENTIAL PROT1 PROT0