28 February 2013 Exchange Rate Perspectives Deutsche Bank ri
28 February 2013 Exchange Rate Perspectives Deutsche Bank ri
Figure 12: EUR/USD is cheap vs. FEER FV
1.80 -1
Relative FEER Fair Value Spot
1.60 -I
1.40
1.20
too
0.80 1
0.60
80 82 8486 88 90 92 94 96 98 0002 04 0608 1012
OtirxPeorecr,
Figure 14: GBP/USD is expensive vs. FEER FV
250 1
2.00 -
1.50
1.00 Relative PEER Fair Value —Spot
B032 848638 90 92 94 96 98 0002 040608 10 12
Figure 16: USD/CAD is quite cheap vs. FEER FV
1.80
1.60 -
1.00
0.80 Relative PEER Fair Value Spot
80 82 8486 88 90 92 94 96 98 00 02 04 0508 10 12
Sous:* DB A Ast
Page 16 Figure 13: USD/JPY is very cheap vs. FEER FV
350
300 101/4
250
200
150 i
100
50
80 82 84 86 8890 92 94 96 98 00 02 0406 08 10 12 Relative PEER Far Value —Spot
Figure 15: USD BIS TWI is a bit cheap vs. FEER FV
140 •
130
120
110
100
90
80 Relative FEER Fair Value Spot
80 82 84 86 88 9092 94 96 98 0002 0406 08 1012
Figure 17: AUD/USD is fair value vs. FEER FV
1.25 •.
015
0.50 Relative FEER Fair Value
80 82 84 86 88 90 92 94 96 98 00 02 04 0608 10 12
Deutsche Bank AG/London
CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104747
CONFIDENTIAL SDNY_GM_00250931
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