EFTA Document EFTA01458619

26 September 2015 FX Forecasts and Valuations: Don't throw in the towel FX Behavioral and Fundamental Equilibrium Exchange Rates (BEER and FEER)' 'Figure 1: USD-cross BEER and FEER valuations. TVVI PPP valuations 30 19 20 in 10 7 7 13 8 10 1° 11 33 0 . ••• 24 1 4 0 -10 - • -5 -8 -8 -$ -10 -20 -30 , ■ BEER -40 • FEER •REER vs 10y average O 26 • ■ 21 26 10 14 -24 -25 -25 -26 -26 .27 -28 -28 -29 -31 9 n a. a cc Fa ok i2E5B 0 4T 2Fcz >- "E SOUP.' DI FX Romeo% Osee