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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 7 115 112 110 EUR-JPY 117 17 118 117 119 126 124 123 121 121 Dollar Bloc USD-CAD 1.35 1.36 1.38 1.40 1.41 1.43 143 141 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 0.71 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 4a 4.30 425 4.20 4.20 420 4.10 405 4.05 4.00 EUR-HUF 310 310 310 305 300 300 300 295 295 290 EUR-CZK 27.03 at 2 27 26.5 26 26 26 26 25.5 USD-UAH 25.91 258 25.8 258 258 258 258 25.8 258 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 15 USD-TRY 3.27 3.15 3.1 3.15 3.2 3.2 3.2 3.25 3.25 3.3 EUR-RON 451 45 45 4.45 44 44 44 435 4.35 43 USD-EGP 1547 USD-ILS 3.84 3.85 3.85 3.85 3.85 3.85 3.85 3.85 38 3.8 USD-AED 3.67 3.67 3.67 3.67 3.67 3.67 3.67 3.67 3.67 3.67 USD-SAR 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 USD-QAR 3.64 3.64 3.64 3.64 3.64 3.64 3.64 3.64 3.64 3.64 Asian Bloc USD-KRW 1,170 1200 1200 1220 1250 1270 1270 1230 1210 1190 USD-TWD 31.85 32.1 32.4 32.7 33.1 33.4 33.4 32.8 32.5 32.3 USD-SGD 141 1.44 145 1.49 1.5 151 151 1.51 1.51 15 USD-THB 35.36 36 36.5 375 378 38.2 39 39 38 37 USD-HKD 776 776 iit 778 779 7.80 7.80 780 7.80 780 USD-CNY 6.85 7.00 705 7.10 715 712 735 735 730 720 USD-IDR 13369 13700 13900 14200 14400 14600 14500 14500 14400 14200 USD-PHP 49.07 50.5 51 52 53 53.5 54 54 53 52 USD-MYR 4.34 441 445 4.55 4.65 47 4.68 468 46 45 USD-INR 67.69 68.25 68.1 68.5 69 70 695 69 68.5 68 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 BankofAmerica <2” 52 Global Rates, FX & EM 2017 Year Ahead | 16 November 2016 Merrill Lynch HOUSE_OVERSIGHT_014782