EFTA Document EFTA01462250

• EURUSD has broken below 1.28 during the last 24 hours • later With US data continuing to firm, the market is recalibrating when the Fed will deliver hikes - earlier rather than • On the other hand, given the ECB's stated determination to spur inflation in the Eurozone, full-blown QE looks likely next year This chart shows the correlation between EURUSD and the spread between EUR and US interest rates ( ellow) EUR BGN Curnc} 95) Save As 96) Actions • 97) Edit - 9'6 Table 09/25/2