EFTA Document EFTA01458361

80 75 - 70 - 65- 60- 55 - 50- 45 - 40 25 To 4 o.o -g h' -7.5 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 2014 2015 -financial fair value -spot 4+2 std dev band - residual mean - residual 41-2 std dev band Mother point to highlight from the financial fair value metric, other than the cheapness of TRY and ZAR in particular, is the resilience of Central Europe (HUF, CZK, PLN, RON). We have been highlighting our bullish bias on the region (HUF and PLN in parti