EM FX Cheap
-1 -
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4-4,66,:stoVet ,C,A,"4"?..psot
e 4));PA-1•9P(e-0/11-0,c3/434;9%.:410,,1
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-0 118242
CONFIDENTIAL SDNY_GM_00264426
EFTA01458358