Global FX Forecasts Table 8: Quarterly forecasts — G10 currencies Spot Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 G3 EUR-USD 1.08 1.08 1.05 1.02 1.02 1.05 1.06 1.07 1.08 1.10 USD-JPY 108 108 112 115 117 120 M7 115 112 110 EUR-JPY 117 M17 118 117 119 126 124 123 121 121 Dollar Bloc USD-CAD 1.35 1.36 1.38 1.40 1.41 143 143 141 1.40 1.40 AUD-USD 0.76 0.74 0.73 0.72 0.71 0.70 0.70 0.71 0.73 0.75 NZD-USD 0.71 0.70 0.69 0.68 0.68 0.67 0.67 0.68 0.70 071 Europe EUR-GBP 0.87 0.88 0.91 0.89 0.88 0.88 0.88 0.87 0.86 0.85 GBP-USD 1.24 1.23 1.15 1.15 1.16 1.19 1.20 1.23 1.26 1.29 EUR-CHF 1.07 1.08 1.09 1.10 1.11 1.12 1.12 1.13 1.13 1.15 USD-CHF 0.99 1.00 1.04 1.08 1.09 1.07 1.06 1.06 1.05 1.05 EUR-SEK 9.86 9.50 9.40 9.30 9.20 9.15 9.10 9.00 8.90 8.90 USD-SEK 9.14 8.80 8.95 9.12 9.02 871 8.58 841 8.24 8.09 EUR-NOK 9.08 9.00 8.90 8.80 8.70 8.60 8.50 8.50 8.40 8.40 USD-NOK 8.41 8.33 8.48 8.63 8.53 8.19 8.02 794 118 764 Forecast as of Nov-15-2016. Spot exchange rate as of Nov-15-2016. The left of the currency pair is the denominator of the exchange rate. Source: BofA Merrill Lynch Global Research Table 9: Quarterly forecasts - EM currencies Spot Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Latin America USD-BRL 3.43 3.60 3.65 3.70 3.80 3.90 3.90 3.90 3.90 3.90 USD-MXN 20.48 21 21.25 215 21.75 22 22.25 22.5 22.15 23 USD-CLP 670 670 685 700 715 730 740 750 760 770 USD-COP 3,124 3,150 3,200 3,250 3,300 3,350 3,400 3,450 3,500 3,550 USD-ARS 15.60 15.80 16.00 17.00 17.50 18.00 18.50 19.00 19.50 20.00 USD-VEF 9.99 10 31.1 31.1 848 848 848 84.8 848 84.8 USD-PEN 3.44 3.45 347 3.50 3.52 3.55 3.60 3.65 3.70 3.70 USD-UYU 28.70 29 30 31 32 33 34 35 36 37 Emerging Europe EUR-PLN 44 430 425 420 420 420 410 405 4.05 400 EUR-HUF 310 310 310 305 300 300 300 295 295 290 EUR-CZK 27.03 2t 2t 27 26.5 26 26 26 26 25.5 USD-UAH 25.91 258 25.8 25.8 25.8 25.8 25.8 25.8 25.8 25.8 USD-RUB 65.47 65 63 65 65 65 65 65 65 65 USD-ZAR 14.15 145 14.5 145 145 145 143 14.5 148 1