EFTA Document EFTA01458357

70 - 65 -‹ 60 55 - 50 45 40 35 - 30 - 25 -2.5 - I 2010 2011 2012 2013 2014 2015 USDRU6 Spot, Ihs - 'Stretch' (Standardized residual of spot vs 200dma). rhs 2) Financial fair value (based on a regression of spot on S&P, VIX, Crude, CRII, US 10y, DX Y, carry): According to our short term `financial fair value' metric, EM FX is cheap almost across the board, with ZAR being the the most undervalued currency. TRY is also cheap, while RUB less so. However, these results should b