5-
EM FX Cheap
4-
eti
To
-to
111 1 —
-1 - EMFXDe
s oef.ex)epec.
cc) ip3•OO ifs 0,0et 4)v-A,
ry0 t•P4 O Vv.
s1
,p (4, e;p c3/4.
As the charts below show, the extent of undervaluation (i.e. the magnitude of the model residual)
is at ly extremes for TRY and ZAR, but not for RUB.
USDTRY:
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118231
CONFIDENTIAL SDNY_GM_00264415
EFTA01458350