3.25 - 3.5
3.00 - 3.0
2.5
2.75 -
3- 2.0
2.50 - - 1.5
2.25 - - 1.0
40
0.5
2.00 -
r 0.0
l.75-
I- -0.5
t50-
-1.0
1,25 - -1.5
2010 2011 2012 2013 2014 2015
— USDTRY Spot, lhs — 'Stretch' (Standardized residual of spot vs 200dma), rhs
The stretchometer for USDZAR is at 5-yr highs, but has retraced somewhat in the last 2 days (in
line with the risk-on appreciation move observed across the EMEA high-yielders).
14 - 3.0
13 - 2.5
12 - 2.0
11 - 1.5
10 - 1.0
9- ✓ 0.5
8- - 0.0
- -0.5
6- -1.0
2010 2011 2012 2013 2014 2015
— USDZAR Spot, Its —'Stretch' (Standardized residual of spot vs 200dma), ms
USDRUB price action is also stretched, but we are still far below the 'stretch' levels we have
seen in the recent past.
CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118218
CONFIDENTIAL SDNY_GM_00264402
EFTA01458341