30 July 2013
Exchange Rate Perspectives: FX and the Financial Transaction Tax
Figure 18: NZENUSD is fair value vs. FEER F11 !Figure 19: USD/ CHF is bit expensive vs. FEER FV
1.2 3.0 CH
NZp Relative FEER Fair Value Relative FEER Fair Value —Spot
—Spot
1.0 2.5 1
2.0
1.5
1.0
0.5
0.2 -1-- 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12
80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12
Sant tea Amaral Sam OE Radowen
[Figure 20: USDNOK is dose to. FEER FV Figure 21: USD/SEK is expensive vs. FEER FV
10.0 NO 12.0 SE
RelativeFEER FairVal e Spot LRelativeFEER Fair Value —Spot
10.0
8.0
8.0
6.0
6.0
4.0
4.0
2.0 2.0
80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12
Source, DSFXROSSO San Dent Reagan
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