EFTA Document EFTA01449322

30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax Figure 6: USD/CAD is cheap vs. BEER FV 1.8 CAD BEER Fair Value Spot 1.6 li 1.2 eterNit , I*4*--or 1.4 1.0 1 80 82 84 86 88 90 92 94 96 98 00 07 04 06 08 10 12 Sane OS FX Raven 'Figure S. NZDAJSD s BEER FV 1.2 NzD 1.0 0.8 0.6 1 0.4 4 !Figure 7: AUDIUSD is quite expensive vs. BEER FV 1.4 1.2 1.0 0.8 0.6 0.4 AUD BEER Fair Value Spot 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 1