FORECASTS

FX Research • 27.07.2010 • Jyske Markets

Jyske Bank's FX Forecasts

FX forecasts – Majors & Scandies
Central bank Currency against
rate EUR USD DKK GBP*
Spot 1.00% - 1.29 7.45 1.19
3M 1.00% - 1.23 7.45 1.20
EUR
6M 1.00% - 1.27 7.45 1.22
12M 1.25% - 1.33 7.45 1.25
Publisher:
Spot 0-0.25% 1.29 - 5.79 1.53
Jyske Markets
3M 0-0.25% 1.23 - 6.06 1.48
Vestergade 8 -16 USD
6M 0-0.25% 1.27 - 5.87 1.55
DK - 8600 Silkeborg
12M 0.75% 1.33 - 5.60 1.66
Spot 0.50% 0.84 1.53 8.86 -
3M 0.50% 0.83 1.48 8.98 -
GBP
6M 0.50% 0.82 1.55 9.09 -
Majors & Scandies: 12M 1.00% 0.80 1.66 9.31 -
Helle Varming Spot 0.10% 111.97 86.96 6.66 133.13
+45 8989 7105 3M 0.10% 110 89.43 6.77 132.53
JPY
hv@jyskebank.dk 6M 0.10% 115 90.55 6.48 140.24
12M 0.10% 120 90.23 6.21 150.00
Spot 0-0.75% 1.3443 1.04 5.54 1.60
3M 0-0.75%
CHF
6M 0-0.75% Please refer to the publication. CHF: Still moving upwards
Emerging Markets: 12M 0-1.00%
Linda Vestergaard Spot 2.00% 7.95 6.18 0.94 9.45
+45 89 89 76 62 3M 2.00% 8.00 6.50 0.93 9.64
linda.vestergaard NOK
6M 2.25% 7.95 6.26 0.94 9.70
@jyskebank.dk 12M 2.50% 7.90 5.94 0.94 9.88
Spot 0.50% 9.41 7.31 0.79 11.19
3M 0.75% 9.50 7.72 0.78 11.45
Kent Bæk Iversen SEK
6M 1.25% 9.40 7.40 0.79 11.46
+45 89 89 76 63 12M 1.50% 9.35 7.03 0.80 11.69
kent_iversen@jyskebank. Spot 1.05% 7.45 5.79 - 8.86
dk
3M 1.05% 7.45 6.06 - 8.98
DKK
6M 1.05% 7.45 5.87 - 9.09
12M 1.15% 7.45 5.60 - 9.31
Note: All FX pairs are quoted according to interbank market conventions except column marked with
asterisk where the FX pairs are quoted with GBP as base currency.
Source: Bloomberg/Jyske Bank

The underlying analysis for the expected exchange rates is found in the publication FX Spot On

Read more research

reports at
www.jyskemarkets.com

1
FORECASTS
FX Research • 27.07.2010 • Jyske Markets

FX forecasts – Emerging Markets

Central bank Currency against
rate EUR USD DKK GBP*
Spot 0.75% 25.18 19.54 0.30 29.93
3M 0.75% 25.60 20.81 0.29 30.84
CZK
6M 0.75% 25.50 20.08 0.29 31.10
12M 1.00% 25.50 19.17 0.29 31.88
Spot 3.50% 4.09 3.17 1.82 4.86
3M 3.50% 3.95 3.21 1.89 4.76
PLN
6M 3.50% 3.90 3.07 1.91 4.76
12M 3.75% 3.80 2.86 1.96 4.75
Spot 5.25% 285.68 221.74 0.26 339.52
3M 5.25% 280 228 0.27 337.35
HUF
6M 5.25% 270 213 0.28 329.27
12M 5.25% 270 203 0.28 337.50
Spot 7.00% 1.96 1.52 3.80 2.33
3M 7.00% 1.91 1.55 3.91 2.30
TRY
6M 7.00% 1.91 1.50 3.91 2.32
12M 8.50% 1.93 1.45 3.86 2.41
Spot 4.50% 16.43 12.75 0.45 19.52
3M 4.50% 15.68 12.75 0.48 18.89
MXN
6M 4.50% 15.88 12.50 0.47 19.36
12M 4.50% 15.63 11.75 0.48 19.53
Spot 10.75% 2.27 1.76 3.29 2.69
3M 11.25% 2.25 1.83 3.31 2.71
BRL
6M 11.75% 2.29 1.80 3.26 2.79
12M 12.50% 2.26 1.70 3.30 2.83
Spot 6.50% 9.60 7.45 0.78 11.41
3M 6.50% 9.53 7.75 0.78 11.5
ZAR
6M 6.50% 9.53 7.50 0.78 11.6
12M 6.50% 9.64 7.25 0.77 12.1
Spot 5.31% 8.73 6.78 0.85 10.38
3M 5.31% 8.24 6.70 0.90 9.93
CNY
6M 5.31% 8.38 6.60 0.89 10.22
12M 5.85% 8.58 6.45 0.87 10.72
Note: All FX pairs are quoted according to interbank market conventions except column marked with
asterisk where the FX pairs are quoted with GBP as base currency.
Source: Bloomberg/Jyske Bank

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FORECASTS
FX Research • 27.07.2010 • Jyske Markets

Disclaimer & Disclosure

Jyske Bank is supervised by the Danish Financial Supervisory Authority.

The research report is based on information which Jyske Bank finds reliable, but Jyske Bank does not assume any
responsibility for the correctness of the material nor any liability for transactions made on the basis of the information
or the estimates of the report. The estimates and recommendations of the research report may be changed without
notice. The report is for the personal use of Jyske Bank's customers and may not be copied.

This is a recommendation and not an investment report.

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Jyske Bank has prepared procedures to prevent conflicts of interest. These procedures have been incorporated in the
business procedures covering the research activities of Jyske Markets, a business unit of Jyske Bank.

Jyske Bank's FX, money market and commodity analysts may not hold positions in the instruments for which they
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Risk
FX, money market and/or commodity investment involves risk. Movements in the credit market, the sector and/or the
news flow, etc. regarding the issuer may affect the exchange rate/the interest rate/the price of the commodity. See the
front page of the research report for our view of the risk associated with the currency/interest rate/commodity
investment. The risk factors and/or the sensitivity calculations stated in the report should not be regarded as
exhaustive.

Update of the research report

Analyses, recommendations, and ad hoc publications are not updated. A new publication will instead be published if
and when it is found necessary. Market comments are updated daily.

See the front page for the initial date of publication of the report.
All prices stated are the latest trading prices at the time of the release of the research report, unless otherwise stated.