EFTA Document EFTA01449364

,e P.Ite, I Deutsche Bank 0 FX Behavioral and Fundamental Equilibrium Exchange Rates (BEER and FEER)* Figure 1: USD-cross BEER and FEER valuations 30 25 20 15 150 II 0 1, 1111 -10 -15 -20 -25 u- N a=D io O la IA CC CC CO CCU..7207E Z Figure 2: EUR/USD is a bit expensive vs. BEER FV 1.80 1 60 1.40 1.20 1 00 0.80 0 60 .00.•••13EER Fair Value Spot 80 82 84 86 88 90 92 94 96 98 00 02 04 0608 10 12 Figure 4: GBP/USD is very undervalued vs. BEER FV 2 50 2