28 February 2013 Exchange Rate Perspectives Deutsche Bank O
Figure 13: Equity flows tend to respond with a lag to Figure 14: The dollar is increasingly following net
marke performance equity flows
230 28 200 Equiy Fbw l MSum) 4.76
USD 11.41 Maps (KM to 4.70
180 • 2.4 150 4.66
130 • 4.60
2.0
1C0
80 - 4.55
1.6 4.50
50 •
•
30 • 4.46
12
-20 • 0 4.40
0.8 4.36
retolion., 50%
-60 430
US Stooks 0.4
-120 - 4.26
Fonoign %as C 0nel:du:onto mo leg)-58%
—S&P 700 Olal -103 4.20
-170 0.0
77 79 61 63 86 87 89 91 93 96 97 99 01 03 05 07 09 11 13 99 01 03 05 07 09 11 13
sasect DO,C9Cts Betis US leather and Evvrdays C0
kw. Nub", &rot US relklurved Won)ea) Seank”O'
Figure 15: Generally inverse link between foreign Figure 16: The dollar and agency & corp bond inflows
interest in USTs versus US equities
600 Fon.; n Puicam o• US To am roa 4.8
Corp and Agony/ Baroda(al
Fool.; n Poe:noses 0, US E 700
Corporals bandana'
4.7
460 600 US TM Molar. n)
500
- 4.6
320 400
300 - 4.5
180 200
4.4
100
40 0 43
-1C0
-200 42
78 80 02 B4 86 88 90 92 92 96 98 00 02 04 OS 06 10 12 90 92 94 96 98 00 02 04 06 08 10 12
Sxn:a 0.3.2f 9n azit6 TrOuSur, ix.va Now* £446 OS Iowan •14 k4margAwal.4
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