28 February 2013 Exchange Rate Perspectives Deutsche Bank ri
Figure Cr USD/CAD is cheap vs. BEER FV Figure 7: AUD/USD is quite expensive vs. BEER FV
1.80-] 1.25 -
BEER Fair Value enr..-Spot BEER Fair Value —Spot
1.60
1 40
1 20
1.00
0 80 - 0.50
8082 8486 88 90 92 94 96 98 0002 04 0608 1012 80 82 8486 88 90 92 94 96 98 00 07. 04 0608 1012
nt n P.v/eic:t
Figure 8: NZD/USD is very expensive vs. BEER FV Figure 9: USD/CHF is quite cheap vs. BEER FV
110 3.00 1
BEER Fair ValueSpot BEER Fair Value Spot
2.50
0.90
2.00
0.70
1.50 1
0.50 1
1.00 I
0.30 0.50
80 82 84 86 88 93 92 94 95 98 00 02 04 0603 10 12 80 87.8486 85 90 92 94 96 98 0002 040608 1012
Figure 10: USD/NOK is a bit expensive vs. BEER FV Figure 11: USD/SEK is expensive vs. BEER FV
10.00 BEER Fair Value Spot
--BEER Fair Value
9.004
8.00
7.00
6.00
5.00
4.00 -I
3.00 -I- 3.00 -I-
8082 8486 8890 9294 9698 0302 0436 C81012 8082 84868890 9294 9698 0002 0406 08 10 12
et+c,
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