FX Week. Weekly 30 March USD at key levels as important events loom. Eurozone inflation to add more pressure on the ECB

Similar documents
Crude oil position monitor

FX Week. Weekly 15 December Fate of QE in the balance. Fed tapering should not be a huge surprise

Precious positions. Commodities. 14 September Precious metals markets performance. Gold tends to looks the other way when the Fed starts moving

Dubai Economy Tracker

Dubai Economy Tracker Index growth strongest in 2 yrs. Economics 10 April Emirates NBD Dubai Economy Tracker Index

UAE: Card spending up 9.2% in 2015.

Precious positions. Commodities. 19 June Emirates NBD Research precious metals outlook. Precious metals markets performance

Dubai Economy Tracker: Softer in September

Dubai Economy Tracker: Solid expansion in October

Precious positions. Commodities. 11 February Precious metals markets performance. MENA gold demand at multi-year lows

Precious positions. Commodities. 14 August Slump in MENA gold demand persists. Precious metals markets performance

PMIs a closer look. What is the PMI and who compiles it? How are the PMI surveys done? Calculating the headline PMI

Precious positions. Commodities. 15 September Gold volatility loses lustre

FX Week. Weekly 6 September Tightening in labour market adds to case for Fed lift-off. No reason to change our September tightening view USD

Precious positions. MENA gold demand hits new lows. Middle East: total demand. Source: World Gold Council, Emirates NBD Research.

Saudi Arabia: Budget 2018

FX Week. Weekly 25 October USD rallies strongly, meets our forecasts. Draghi alludes to December easing, weakening the EUR.

UAE: Card spending up 14.8% in 2017

From LIBOR to SOFR. Interest Rates 25 November Why the Change? SOFR is closer to the Fed Fund Target Rate. LIBOR SOFR: Key differences

FX Week. Weekly 4 November USD strengthened over the past week. US election focus gives way to the fiscal cliff

GCC Weekly Chart Pack

FX Week. US data maintains tightening uncertainty. Puzzling over bonds and the EUR. EUR supported by rally in yields

The Flattening UST curve

FX Week. Weekly 4 December Research from Emirates NBD. EUR make or break. Improving US labour market defies global downturn

US Rates: Fundamentals vs Sentiment. Interest Rates 18 February Fundamental economic data. US Treasury Yields. GDP growth remains strong

Economic Calendar. Weekly Calendar. 25 September Sunday 25 th September Saturday 1 st October. Monday 26 th Country Data Survey Previous

Support1 $309, Support2 $281 & Resistance1 $318, Resistance2 $329.

MENA Outlook. Economics. 22 September Total Non-Resident Portfolio Flows

Emirates NBD Research

FX Week. Weekly 11 October Commodity currencies rally. Depressing the USD in the process. USD Spot (% Change against USD in last 5 days)

GCC Quarterly. Quarterly. 18 April GCC oil production and price

GCC Economic Overview

Financial Markets Daily

Egypt Update. Egypt Update. 2 October Current account deficit narrows. Current account balance, % GDP. Reserves, USDbn

FX Week. Weekly 29 April Correlations between FX and interest rates being restored for now. Weekly currency movement vs USD (%)

Financial Markets Daily

India Monitor. 11 September MSCI India index (1m) India s Trinity Trilemma

FX Week. Weekly 7 October Weekly currency movement vs USD (%)

Emirates NBD Research

FX Week. Weekly 8 May USD firmer despite soft payrolls. Weekly currency movement vs USD (%)

FX Week. Weekly 29 January Protectionist policies impede dollar for now. Weekly currency movement vs USD (%)

FX Week. Weekly 3 September 2017

Commodities. Oil market weekly highlights. 4 November Brent/WTI highlights tale of two oil markets

Iran deal looms over oil market

Financial Markets Daily

Commodities. Oil market weekly highlights. 19 August Oil benchmarks continue their weekly declines

FX Week. USD gains lapse. As politics detract from economic picture. Weekly currency movement vs USD (%) -0.63

FX Week. Weekly 1 October 2017

FX Week. Weekly 10 January USD firm, China back in the spotlight. Weekly currency movement vs USD (%)

Dubai s manufacturing sector overview

Equity Daily. MENA Equity Indices (1d % change) -0.3% -0.2% -0.1% Key Earnings Announcements Q Date Company EPS Estimates. 14-May Taqq 0.

Saudi Arabia An important milestone

Brexit Prime Minister May speaks

FX Week. Weekly 18 March 2018

Kuwait Debt Update. Credit Note 14 May Kuwait Debt. Kuwait Sovereign Debt. USD mm

Financial Markets Daily

FX Week. USD resilient despite weak data. EUR focus on Draghi, as well as on Greece. Weekly currency movement vs USD (%)

FX Week. Weekly 12 November 2017

Emirates NBD CIO -Office 30 May Fixed Income Desk. Italy 2yr Yield % US 10yr Yield % Forex Reserves

Financial Markets Daily

Daily. Equity Daily. 26 March MENA Equities. Global Equities. MENA Equity Indices (1d % change) Key Events

FX Week. Weekly 21 January 2018

US Visit Note: Surprisingly upbeat

FX Week. Weekly 11 February 2018

GCC Overview. Equity Focus. Fixed Income Focus. improved liquidity in the system is benefiting both the public and private sector.

Financial Markets Daily

Financial Markets Daily

Emirates NBD Markit iboxx USD Sukuk Index Monthly

Equity Weekly. Weekly 20 May Global Equities. Chart of the week. Chart of the week Technical update - Tadawul. MENA Markets

Equity Weekly. Weekly 6 August Global Equities. MENA Markets. MENA Equity Indices (wtd % chg)

Financial Markets Daily

Emirates NBD CIO -Office 10 May Fixed Income Desk

Kingdom of Bahrain Debt Update. Credit Note 3 April Bahrain Debt. Bahrain Sovereign Debt. USD mm

FX Week. Weekly 27 May 2018

Credit Weekly. Weekly 2 November Global Bonds. 10 Year Government Bond Yields and Corporate Spreads

Financial Markets Daily

Daily FX Focus. AUD rose 3 days in a roll, near one-week high. AUDUSD once touched Markets await the release of December Trade Balance.

Daily FX Focus 3/10/2018

GCC Quarterly. Quarterly. 4 April GCC oil production and OPEC reference price

Financial Markets Daily

April 13, Economics Research - Globanomics - Q4/16. Globanomics. World s Dashboard of Economic Indicators Q4 2016

GCC Overview UNUSUAL ACTIVITIES THIS SUMMER FOR GCC MARKETS

Daily FX Focus 19/3/2015

Financial Markets Daily

WEEKLY CHANGES AGAINST THE USD MACRO & MARKETS COMMENTARY

Crude oil update. Commodities 18 August An uncertain story for demand next year. Oil agencies have a mixed outlook for next year

within the longer term downward trend that began almost a year ago. In our opinion, it s the latter that continues to look the most likely scenario.

Weekly FX Focus. FX Focus:USD/CAD. AUD vs USD / Last week, Australia unemployment rate for February was higher than expected.

Financial Markets Daily

Daily FX Focus 24/12/2018

GCC Weekly Chart Pack

Asset Allocation Monthly

[ ] WEEKLY CHANGES AGAINST THE USD

Daily Outlook. Daily. 2 August US manufacturing activity slips but remains elevated. Today s Economic Data and Events

Daily FX Focus. AUD rose prior to RBA rate decision. AUDUSD once touched levels. The upcoming release will be May Unemployment Rate.

INVESTMENT OUTLOOK March 2016

OVERVIEW SENTIMENT FOCUS TECHNICAL ANALYSIS WEEKLY PROJECTIONS FX ORDERBOOK

Equity Weekly. Weekly 17 December Global Equities. MENA Markets. MENA Equity Indices (wtd % chg)

Daily FX Focus. FX Focus:AUD/USD

WEEKLY CHANGES AGAINST THE USD MACRO & MARKETS COMMENTARY

Transcription:

FX Week Weekly 3 March 214 D at key levels as important events loom The dollar closed at important levels last week, suggesting that it could be on the cusp of breaking significantly higher. At 1.37 against the EUR and 12.8 against the JPY, the D looks to be on course to meet our 1.36 and 14 one-month targets respectively, en route to 1.34 and 16 over 3-months. Events in the coming week will have an important bearing on whether this actually plays out. employment data, an ECB policy meeting, global ISM and PMI data, as well as a Japanese Tankan survey will all be seen in the coming days, and the impact of the much awaited VAT rate hike in Japan will also be significant in determining whether the Bank of Japan eases monetary policy again in coming months. The easing in tensions in Ukraine over the weekend, with Russia indicating that it will not invade Ukraine, and with the IMF extending financial support to the country, may also help sentiment especially in relation to D/JPY and D/CHF, with both the JPY and the CHF having been principal beneficiaries of safe-haven flows throughout the crisis. Eurozone inflation to add more pressure on the ECB As ever, the ECB meeting on Thursday looms as one of the key events of the week, but before then critical inflation data for the Eurozone will be seen on Monday. For some technical reasons the chances are that inflation will decline from the current.7% in February to.5% in March. This will mostly be caused by annual base effects related to the timing of Easter, and for this reason it may not be enough to force the ECB to ease monetary policy further. However, more underlying pressures are also growing as demonstrated by the fall in Spanish prices in March (-.2%) and the softer profile of German inflation which declined to 1.% in March from 1.2% in February. Other surveys released last week, while showing a slight pick-up in economic momentum did nothing to suggest that the Eurozone recovery will be anything other than tepid, with Q1 GDP growth expected to be only a fraction above Q4 s.3% pace. Given the ECB s famed stubbornness to ease monetary policy, the latest data does not appear to provide a huge amount of encouragement that the outcome will be any different at this week s meeting. However, it is worth noting that ECB rhetoric has begun to turn more dovish recently, with even Bundesbank President Weidmann appearing to soften his stance towards Quantitative Easing. EUR/D appears poised to break lower 1.4 1.39 Tim Fox Chief Economist +971 4 23 78 timothyf@emiratesnbd.com 1.38 1.37 1.36 1.35 1.34 1.33 1.32 Jan-14 Feb-14 Mar-14 EUR/D exchange rate 1-day MA 3-day MA 2-day MA Source: Bloomberg, Emirates NBD Research

Other officials, including President Draghi, have begun to reference the strong EUR as having an impact on inflation, with references to the possibility of introducing negative interest rates also beginning to be heard more often. As such, we would not be surprised to see the ECB send a more dovish message to the markets, with particular emphasis on the EUR exchange rate. Combined with an expected strong increase in non-farm payrolls in March due out on Friday, the effect should be EUR/D bearish, as expectations that the Fed will move to raise interest rates in early-mid 215 would be enhanced just as the ECB is appearing more prone to ease. The spread between -EU two-year yields has widened considerably in the D s favour in recent days, suggesting that there are increasing downside risks to EUR/D (see page 5). Japan s VAT to rise, Tankan report also due D/JPY also faces an important week, with key drivers coming not just from jobs data but also from two significant local developments. On the 1st April Japan will release its bellwether Tankan survey of large and medium sized Japanese companies, which will be looked at to gain an insight into investment plans and into the prospects for inflation over the rest of the year. Inflation remained unchanged at 1.3% in February, but the danger is that it could now fall as the depreciation effect of the weak JPY a year ago appears to have run its course. If inflation is to rise further another dose of Quantitative Easing may be necessary to weaken the JPY further. On the same day Japan will also raise the consumption tax, or VAT, from 5.% to 8.%, the first time it has been raised since 1997. In the run-up to the tax increase the Japanese economy has been recovering, as consumers bring forward spending into Q1, with retail sales having risen by 1.6% and.3% in January and February respectively. A survey of small businesses also jumped in March to its highest level since 1989. However, the fear is that the tax hike will cause Q2 growth to deteriorate, especially as surveys of consumer confidence have been declining just as retail activity has been going up. The last time that Japan raised its consumption tax in 1997 the economy fell into a deep recession, with voters ultimately punishing the ruling party and forcing the Prime Minister to resign. Most expectations are indeed that the economy will slow in Q2 as a result of the tax hike, but what is uncertain is how deep the plunge will be and how quickly the economy will recover in H214. The Bank of Japan also appears split on the likely impact, with some of it officials openly advocating more monetary easing in Q2, while others appear to believe the Bank has done enough for now. Certainly any fall-off in growth in Q2 is likely to be met by calls for more monetary stimulus which is likely to keep D/JPY supported on dips. GBP benefits from improving macro picture GBP has rebounded on the crosses over the last week, benefiting from stronger UK economic data, with retail sales up 1.7% in February, and with Q413 GDP growth confirmed at 2.7%. However, relatively soft inflation data of 1.7% in February has also reduced pressure on the Bank of England to raise interest rates anytime soon, even as the recovery continues to build. UK PMI data this week should maintain optimism towards the British economy on the whole, but we still feel that GBP strength is likely to be more consistent against the EUR and the JPY over the course of the year rather than against the D, which we see rallying further as the recovery in the becomes stronger. Commodity FX pull back The commodity currencies all rallied last week, benefiting from recovering commodity prices. In the coming week the main events for the AUD and the CAD will be the Reserve Bank of Australia policy meeting and the Canadian employment report for March. While the likelihood is that the RBA will leave policy rates on hold at 2.5% on Tuesday, the possibility is that it will also be a little more concerned with the AUD s strength given its appreciation over the last month. In terms of the CAD, the Page 2

employment report is expected to show a recovery in the labour market in March, but this may not be as strong as in the which will leave the D as more likely to outperform relative to the CAD. Page 3

FX Forecasts - Major Forwards Spot 28.3 1M 3M 6M 12M 3M 6M 12M EUR/D 1.3752 1.36 1.34 1.3 1.28 1.37 1.37 1.3755 D/JPY 12.83 14. 16. 19. 112. 12.7812 12.7225 12.5455 D/CHF.8868.9.93.96.98.8862.8853.8833 GBP/D 1.6638 1.66 1.65 1.63 1.64 1.6627 1.6615 1.6583 AUD/D.9247.88.87.85.8.919.9133.918 D/CAD 1.161 1.1 1.11 1.13 1.15 1.185 1.119 1.1156 EUR/GBP.8265.82.81.8.78.827.8276.8294 EUR/JPY 141.4 141 142 142 143 141.3992 141.3983 141.3964 EUR/CHF 1.2194 1.23 1.24 1.25 1.25 1.2184 1.2173 1.2149 EUR/NOK 8.263 8.25 8.2 8. 7.75 8.2883 8.3172 8.3754 EUR/SEK 8.9417 8.8 8.7 8.6 8. 8.9534 8.9649 8.995 NZD/D.8661.83.83.83.82.8597.8525.837 FX Forecasts - Emerging Forwards Spot 28.3 1M 3M 6M 12M 3M 6M 12M D/SAR* 3.73 3.75 3.75 3.75 3.75 3.74 3.78 3.7518 D/AED* 3.673 3.67 3.67 3.67 3.67 3.6723 3.672 3.6714 D/KWD.2819.282.285.282.28.2929.31.321 D/OMR*.38.38.38.38.38.3847.3838.3819 D/BHD*.377.376.376.376.376.3789.387.3842 D/QAR* 3.6423 3.64 3.64 3.64 3.64 3.644 3.6458 3.6 D/EGP 6.9668 6.89 6.89 6.89 6.89 7.1815 7.4115 7.9115 D/INR 59.89 6. 59. 58. 57. 59.9 59.9114 59.9335 D/CNY 6.2125 6.15 6.18 6.2 6.2 - - - Source: Bloomberg, Emirates NBD Research *Denotes D peg Page 4

Major Currency Pairs and Interest Rates Interest Rate Differentials - EUR Interest Rate Differentials - GBP. 1.4.4 1.7 -.2 1.35 1.3 1.25.2. 1.65 1.6 1.55 1. -.4 1.2 -.2 1.45 German 2yr yield - 2yr yield GBP 2yr yield - 2yr yield Interest Rate Differentials JPY Interest Rate Differentials - CHF.4 11..8 1..3 15. 1..5.2 95..1 9. 85..3.9. 8...85 2yr yield - JPY 2yr yield 2yr yield - CHF 2yr yield Interest Rate Differentials - CAD Interest Rate Differentials - AUD. 1.15 3.8 1.1 -.4 -.8 1.1 1.5 1. 3.3 2.8 2.3 1.5 1..9-1.2 1.8.85 2yr yield - CAD 2yr yield AUD 2yr yield - 2 yr yield Source: Bloomberg, Emirates NBD Research Page 5

Major Currency Positions CFTC Speculative Positions - EUR 1 1. 1 1.45 1.4-1.35-1 1.3-1 -2 1.25-2 1.2 long short net long (lhs) CFTC Speculative Positions - GBP 75 1.7 1.65 25 1.6-25 1.55 - -75 1. -1 1.45 long short net long (lhs) CFTC Speculative Positions - JPY CFTC Speculative Positions - CHF 1 8.75 - -1 85 9 95 1 15 25-25.85-1 11 long short net long (lhs) - 1.5 long short net long (lhs) CFTC Speculative Positions - CAD 1 1.9 1. 1.5 - -1-1 1.1 1.15 long short net long (lhs) CFTC Speculative Positions - AUD 1 1.1 125 1 1.5 75 1. 25-25.9 - -75.85 long short net long (lhs) Source: Bloomberg, Emirates NBD Research Page 6

Economic Calendar Date Country Event 31-Mar Japan Industrial Production Japan Housing Starts France GDP UK Money Supply Eurozone CPI Italy CPI Canada GDP Chicago Purchasing Manager Dallas Fed Mfg Activity Egypt GDP Morocco GDP Russia GDP 1-April Japan Tankan Survey China Manufacturing PMI Australia RBA Cash Target Rate India RBI Rate Decision Switzerland PMI Manufacturing Germany Unemployment Rate Italy Unemployment Rate Eurozone Unemployment Rate Markit Manufacturing PMI ISM Manufacturing Brazil Trade Balance 2-April UK Nationwide House Prices MBA Mortgage Applications Russia CPI Brazil Industrial Production ADP Employment Change Factory Orders Brazil Selic Rate 3-April Australia Retail Sales Australia Trade Balance China Non-Manufacturing PMI Egypt HSBC Egypt PMI UAE HSBC PMI Page 7

3-April Eurozone Retail Sales Eurozone ECB Rate Decision Trade Balance Initial Jobless Claims ISM Non Mfg Composite Index 4-April Germany Factory Orders Change in Non-farm payrolls / Unemployment Rate Canada Unemployment Rate Source: Bloomberg Page 8

Disclaimer PLEASE READ THE FOLLOWING TERMS AND CONDITIONS OF ACCESS FOR THE PUBLICATION BEFORE THE E THEREOF. By continuing to access and use the publication, you signify you accept these terms and conditions. Emirates NBD reserves the right to amend, remove, or add to the publication and Disclaimer at any time. Such modifications shall be effective immediately. Accordingly, please continue to review this Disclaimer whenever accessing, or using the publication. Your access of, and use of the publication, after modifications to the Disclaimer will constitute your acceptance of the terms and conditions of use of the publication, as modified. If, at any time, you do not wish to accept the content of this Disclaimer, you may not access, or use the publication. Any terms and conditions proposed by you which are in addition to or which conflict with this Disclaimer are expressly rejected by Emirates NBD and shall be of no force or effect. Information contained herein is believed by Emirates NBD to be accurate and true but Emirates NBD expresses no representation or warranty of such accuracy and accepts no responsibility whatsoever for any loss or damage caused by any act or omission taken as a result of the information contained in the publication. The publication is provided for informational uses only and is not intended for trading purposes. Charts, graphs and related data/information provided herein are intended to serve for illustrative purposes. The data/information contained in the publication is not designed to initiate or conclude any transaction. In addition, the data/information contained in the publication is prepared as of a particular date and time and will not reflect subsequent changes in the market or changes in any other factors relevant to their determination. The publication may include data/information taken from stock exchanges and other sources from around the world and Emirates NBD does not guarantee the sequence, accuracy, completeness, or timeliness of information contained in the publication provided thereto by or obtained from unaffiliated third parties. Moreover, the provision of certain data/information in the publication may be subject to the terms and conditions of other agreements to which Emirates NBD is a party. None of the content in the publication constitutes a solicitation, offer or recommendation by Emirates NBD to buy or sell any security, or represents the provision by Emirates NBD of investment advice or services regarding the profitability or suitability of any security or investment. Moreover, the content of the publication should not be considered legal, tax, accounting advice. The publication is not intended for use by, or distribution to, any person or entity in any jurisdiction or country where such use or distribution would be contrary to law or regulation. Accordingly, anything to the contrary herein set forth notwithstanding, Emirates NBD, its suppliers, agents, directors, officers, employees, representatives, successors, assigns, affiliates or subsidiaries shall not, directly or indirectly, be liable, in any way, to you or any other person for any: (a) inaccuracies or errors in or omissions from the publication including, but not limited to, quotes and financial data; (b) loss or damage arising from the use of the publication, including, but not limited to any investment decision occasioned thereby. (c) UNDER NO CIRCUMSTANCES, INCLUDING BUT NOT LIMITED TO NEGLIGENCE, SHALL EMIRATES NBD, ITS SUPPLIERS, AGENTS, DIRECTORS, OFFICERS, EMPLOYEES, REPRESENTATIVES, SUCCESSORS, ASSIGNS, AFFILIATES OR SUBSIDIARIES BE LIABLE TO YOU FOR DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, PUNITIVE, OR EXEMPLARY DAMAGES EVEN IF EMIRATES NBD HAS BEEN ADVISED SPECIFICALLY OF THE POSSIBILITY OF SUCH DAMAGES, ARISING FROM THE E OF THE PUBLICATION, INCLUDING BUT NOT LIMITED TO, LOSS OF REVENUE, OPPORTUNITY, OR ANTICIPATED PROFITS OR LOST BINESS. The information contained in the publication does not purport to contain all matters relevant to any particular investment or financial instrument and all statements as to future matters are not guaranteed to be accurate. Anyone proposing to rely on or use the information contained in the publication should independently verify and check the accuracy, completeness, reliability and suitability of the information and should obtain independent and specific advice from appropriate professionals or experts regarding information contained in the publication. Further, references to any financial instrument or investment product is not intended to imply that an actual trading market exists for such instrument or product. In publishing this document Emirates NBD is not acting in the capacity of a fiduciary or financial advisor. Emirates NBD and its group entities (together and separately, "Emirates NBD") does and may at any time solicit or provide commercial banking, investment banking, credit, advisory or other services to the companies covered in its reports. As a result, recipients of this report should be aware that any or all of the foregoing services may at times give rise to a conflict of interest that could affect the objectivity of this report. The securities covered by this report may not be suitable for all types of investors. The report does not take into account the investment objectives, financial situations and specific needs of recipients. Data included in the publication may rely on models that do not reflect or take into account all potentially significant factors such as market risk, liquidity risk and credit risk. Emirates NBD may use different models, make valuation adjustments, or use different methodologies when determining prices at which Emirates NBD is willing to trade financial instruments and/or when valuing its own inventory positions for its books and records. In receiving the publication, you acknowledge and agree that there are risks associated with investment activities. Moreover, you acknowledge in receiving the publication that the responsibility to obtain and carefully read and understand the content of documents relating to any investment activity described in the publication and to seek separate, independent financial advice if required to assess whether a particular investment activity described herein is suitable, lies exclusively with you. You acknowledge and agree that past investment performance is not indicative of the future performance results of any investment and that the information contained herein is not to be used as an indication for the future performance of any investment activity. You acknowledge that the publication has been developed, compiled, prepared, revised, selected, and arranged by Emirates NBD and others (including certain other information sources) through the application of methods and standards of judgment developed and applied through the expenditure of substantial time, effort, and money and constitutes valuable intellectual property of Emirates NBD and such others. All present and future rights in and to trade secrets, patents, copyrights, trademarks, service marks, know-how, and other proprietary rights of any type under the laws of any governmental authority, domestic or foreign, shall, as between you and Emirates NBD, at all times be and remain the sole and exclusive property of Emirates NBD and/or other lawful parties. Except as specifically permitted in writing, you acknowledge and agree that you may not copy or make any use of the content of the publication or any portion thereof. Except as specifically permitted in writing, you shall not use the intellectual property rights connected with the publication, or the names of any individual participant in, or contributor to, the content of the publication, or any variations or derivatives thereof, for any purpose. YOU AGREE TO E THE PUBLICATION SOLELY FOR YOUR OWN NONCOMMERCIAL E AND BENEFIT, AND NOT FOR RESALE OR OTHER TRANSFER OR DISPOSITION TO, OR E BY OR FOR THE BENEFIT OF, ANY OTHER PERSON OR ENTITY. YOU AGREE NOT TO E, TRANSFER, DISTRIBUTE, OR DISPOSE OF ANY DATA/INFORMATION CONTAINED IN THE PUBLICATION IN ANY MANNER THAT COULD COMPETE WITH THE BINESS INTERESTS OF EMIRATES NBD. YOU MAY NOT COPY, REPRODUCE, PUBLISH, DISPLAY, MODIFY, OR CREATE DERIVATIVE WORKS FROM ANY DATA/INFORMATION CONTAINED IN THE PUBLICATION. YOU MAY NOT OFFER ANY PART OF THE PUBLICATION FOR SALE OR DISTRIBUTE IT OVER ANY MEDIUM WITHOUT THE PRIOR WRITTEN CONSENT OF EMIRATES NBD. THE DATA/INFORMATION CONTAINED IN THE PUBLICATION MAY NOT BE ED TO CONSTRUCT A DATABASE OF ANY KIND. YOU MAY NOT E THE DATA/INFORMATION IN THE PUBLICATION IN ANY WAY TO IMPROVE THE QUALITY OF ANY DATA SOLD OR CONTRIBUTED TO BY YOU TO ANY THIRD PARTY. FURTHERMORE, YOU MAY NOT E ANY OF THE TRADEMARKS, TRADE NAMES, SERVICE MARKS, COPYRIGHTS, OR LOGOS OF EMIRATES NBD OR ITS SUBSIDIARIES IN ANY MANNER WHICH CREATES THE IMPRESSION THAT SUCH ITEMS BELONG TO OR ARE ASSOCIATED WITH YOU OR, EXCEPT AS OTHERWISE PROVIDED WITH EMIRATES NBD S PRIOR WRITTEN CONSENT, AND YOU ACKNOWLEDGE THAT YOU HAVE NO OWNERSHIP RIGHTS IN AND TO ANY OF SUCH ITEMS. MOREOVER YOU AGREE THAT YOUR E OF THE PUBLICATION IS AT YOUR SOLE RISK AND ACKNOWLEDGE THAT THE PUBLICATION AND ANYTHING CONTAINED HEREIN, IS PROVIDED "AS IS" AND "AS AVAILABLE," AND THAT EMIRATES NBD MAKES NO WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, AS TO THE PUBLICATION, INCLUDING, BUT NOT LIMITED TO, MERCHANTABILITY, NON-INFRINGEMENT, TITLE, OR FITNESS FOR A PARTICULAR PURPOSE OR E. You agree, at your own expense, to indemnify, defend and hold harmless Emirates NBD, its Suppliers, agents, directors, officers, employees, representatives, successors, and assigns from and against any and all claims, damages, liabilities, costs, and expenses, including reasonable attorneys and experts fees, arising out of or in connection with the publication, including, but not limited to: (i) your use of the data contained in the publication or someone using such data on your behalf; (ii) any deletions, additions, insertions or alterations to, or any unauthorized use of, the data contained in the publication or (iii) any misrepresentation or breach of an acknowledgement or agreement made as a result of your receiving the publication. Page 9

Emirates NBD Research& Treasury Contact List Emirates NBD Head Office 12th Floor Baniyas Road, Deira P.O Box 777 Dubai Aazar Ali Khwaja Group Treasurer & EVP Global Markets & Treasury +971 4 69 3 aazark@emiratesnbd.com Tim Fox Head of Research & Chief Economist +971 4 23 78 timothyf@emiratesnbd.com Research Khatija Haque Senior Economist +971 4 9 365 khatijah@emiratesndb.com Jean-Paul Pigat MENA Economist +971 4 23 787 jeanp@emiratesnbd.com Irfan Ellam Head of MENA Equity Research +971 4 9 364 Mohammedie@emiratesnbd.com Aditya Pugalia Analyst +971 4 23 782 adityap@emiratesnbd.com Sales & Structuring Head of Sales & Structuring Sayed Sajjid Sadiq +971 4 23 7777 sayeds@emiratesnbd.com London Sales Lee Sims +44 () 2 7838 224 simsl@emiratesnbd.com Saudi Arabia Sales Numair Attiyah +966 1 282 5625 numaira@emiratesnbd.com Egypt Shahinaz Foda +2 22 726 shahinaz.foda@bnpparibas.com Singapore Sales Supriyakumar Sakhalkar +65 65785 627 supriyakumars@emiratesnbd.com Group Corporate Communications Ibrahim Sowaidan +971 4 69 4113 ibrahims@emiratesnbd.com Claire Andrea +971 4 69 4143 clairea@emiratesnbd.com Page 1