30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax Table Of Contents Currency Forecasts 3 The Big Picture: FX and the Financial Transaction Tax 5 Monitors: G10 FX Valuation Monitor: Lines in the sand 18 Capital Flows and Basic Balances 25 Commodity Price and Currency Monitor 34 U.S. Trade Balance 39 Central Bank Reserves Currency Composition Monitor 46 Page 2 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 104658 CONFIDENTIAL SDNY_GM_00250842 EFTA01449309