EFTA01154207.pdf

From: Tazia Smith •tt > To: jeevacation@gmail.com Cc• MEW Paul Morris cia, Vahe Stepanian Subject: USDJPY position (+$67.99k) + FX Update Date: The, 23 Sep 2014 13:25:24 +0000 Inline-Images: unnamed; unnamed(1); unnamed(2); unnamed(3); unnamed(4) Good Morning Jeffrey - Your zero-cost triple-no touch USDJPY position that matures 11/20 is presently valued at $67.99k (detail below, source: DB AWM FX Sales, 9/23/14) Also below are the top-13 trade ideas from our Chief FX Strat, FYI. As you know, some volatility returning to the FX markets. Let us know if you share/have differing views with the below and we will price specific trade implementations accordingly. TDS USDJPY Spot ref = 108.57 Net Premium: <Client> Receives USD 67,992 Leg 1: European Option Call <Client> sells European USD Call on USD/JPY Strike: 101 Notional: USD 1,000,000 Expiry: Thu 20-Nov-2014 Settlement: Tue 25-Nov-2014 ZoneCut: NY Premium: USD -69,420 Premium Date: Thu 25-Sep-2014 Leg 2: One Touch <Client> buys One Touch on USD/JPY payout Barrier: 99 Payout: USD 21,000 Payout Ccy: <PayCurrency> Postpone Rebate: <PostponeRebate WN> Expiry: Thu 20-Nov-2014 Settlement: Tue 25-Nov-2014 ZoneCut: NY Premium: USD 618.45 Premium Date: Thu 25-Sep-2014 Leg 3: One Touch <Client> buys One Touch on USD/JPY payout Barrier: 98 Payout: USD 21,000 Payout Ccy: <PayCurrency> Postpone Rebate: <PostponeRebate WN> Expiry: Thu 20-Nov-2014 Settlement: Tue 25-Nov-2014 EFTA01154207 ZoneCut: NY Premium: USD 456.75 Premium Date: Thu 25-Sep-2014 Leg 4: One Touch <Client> buys One Touch on USD/JPY payout Barrier: 97 Payout: USD 21,000 Payout Ccy: <PayCurrency> Postpone Rebate: <PostponeRebate Y/N> Expiry: Thu 20-Nov-2014 Settlement: Tue 25-Nov-2014 ZoneCut: NY Premium: USD 352.38 Premium Date: Thu 25-Sep-2014 Net Premium: <Client> Receives USD 67,992 -- Forwarded by on 09/23/2014 09:18AM --- From: To: Date: 09/23/2014 08:02 AM Subject: FX Blueprint for O4 - It Lives! After a gruelling first half of the year currency markets are coming back to life: the dollar is strengthening, volatility is rising and investors are re-engaging. This is a very different environment to last year's "taper tantrum", however. US yields are range-bound, the focus has expanded to central banks beyond the Fed and cross-market correlations are declining. This lack of a one-sided driver makes current market moves all the more powerful. Our premise for the rest of 2014 is that FX trends continue. Divergent business cycles and shifts in cross-border capital flows all have the potential to drive an extension of price moves, particularly after a period of such unusually low volatility. In the pieces that follow we stick with dollar longs in some places, avoid others, and identify relative value opportunities that should perform independently of the broad dollar trend. Theme #1: Euro Pah! - Sell EUR trade-weighted, sell EUR/USD Theme #2: Mother Ten for Dollar Yen — Buy USD/JPY Theme #3: Stirling Stayed, Swiss Squished — Buy GBP/CHF Theme #4: Rampant Mountie Seeks Milky Bounty - Sell NZD/CAD Theme #5: Dingo no Drongo — Buy AUD vs EUR and JPY Theme #6: Helga so Hot — Buy NOK and SEK vs EUR Theme #7: Canton Talks, Gangnam Walks — Buy CNEI/KRW Theme #8: Join Rupee Groupies now Sing Out of Time — Sell SGD/INR Theme #9: Trade Slavic Cold for Latin Gold — Buy MXN & BRL vs CZK & HUF Theme #10: Stand Up Dollar Shekel Buy USD/ILS, TRY/ZAR and PLN/HUF Theme #11: Russia Bores, Canada Snores — Use dual digitals to sell EUR/USD and USD/CAD correlation; sell EUR/USD and USD/RUB correlation Theme #12: Kiwi Grounds while Yen Astounds — Sell 3m NZD/USD vol swap; buy 3m CAD/JPY and USD/JPY vol Theme #13: These Inhale from Nose to Tail — Buy a basket of MXN, COP, PLN, INR, sell against TWD, ILS, ZAR, CLP http://puadb-gmresearch.com/p/1603-E654/24772999/DB FXBlueprint 2014-09-23 0900b8c088o42569.pdf The FX Strategy Team EFTA01154208 George Saravelos FX and Rates Strategy Deutsche Bank AG. Filiale London Global Markets Winchester House. 1 Great Winchester Street. EC2N 2DB London. United Kingdom Tel. Email PASTrieriA:hr Perform. 1 L Tazia Smith Director I Key Client Partners - US DB Securities Inc Deutsche Asset 8. Wealth Management 345 Park Avenue. 10154-0004 New York. NY. USA Email Pncioi4uPeeform This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. EFTA01154209 Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01154210