CNBC FX Survey May 7, 2015 Page 1 of 8

FX SURVEY May 7, 2015

These survey results represent the opinions of 14 of the worlds top currency analysts and strategists.

They responded to CNBCs invitation to participate in our online survey. Their responses were collected on May 4-6, 2015. Participants were not required to answer every question.

This is not intended to be a scientific poll and its results should not be extrapolated beyond those

who did accept our invitation.

1. What is your forecast for EURUSD as of ?

1.064

1.024 1.032

1.082

0.90

0.95

1.00

1.05

1.10

June 30 2015 Dec, 2015 Dec 31, 2016 Dec 31, 2017

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CNBC FX Survey May 7, 2015 Page 2 of 8

FX SURVEY May 7, 2015

What is your forecast for USDJPY as of ?

121.43

124.64

127.08

123.67

110.00

112.00

114.00

116.00

118.00

120.00

122.00

124.00

126.00

128.00

130.00

June 30 2015 Dec, 2015 Dec 31, 2016 Dec 31, 2017

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CNBC FX Survey May 7, 2015 Page 3 of 8

FX SURVEY May 7, 2015

What is your forecast for GBPUSD as of ?

1.475

1.455

1.468

1.503

1.35

1.37

1.39

1.41

1.43

1.45

1.47

1.49

1.51

1.53

1.55

June 30 2015 Dec, 2015 Dec 31, 2016 Dec 31, 2017

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CNBC FX Survey May 7, 2015 Page 4 of 8

FX SURVEY May 7, 2015

2. What is the percentage chance EURUSD will hit parity in 2015? (0%=No chance, 100% = Certainty)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Pe

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nta

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ts

Percentage chance

Average: 49.2%

CNBC FX Survey May 7, 2015 Page 5 of 8

FX SURVEY May 7, 2015

3. The currency markets have been marked by sharp volatility and major moves in past months. For the next twelve months, major currencies will be:

21%

50%

29%

0% 0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Less volatile Equally volatile More volatile Don't know/unsure

CNBC FX Survey May 7, 2015 Page 6 of 8

FX SURVEY May 7, 2015

4. How active will each of the following central banks be in devaluing its currency over the next six months? (0=Not at all active, 10=Extremely active)

5.62 5.54 5.54

5.25

4.15

2.23

1.08

0

1

2

3

4

5

6

7

8

9

10

Japan Europe New

Zealand

Australia Canada Great

Britain

United

States

CNBC FX Survey May 7, 2015 Page 7 of 8

FX SURVEY May 7, 2015

5. What is the percentage chance the U.S. will act to stem dollar strengthening in the next six months? (0%=No chance, 100% = Certainty)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Pe

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nta

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spo

nd

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ts

Percentage chance

Average: 23.6%

CNBC FX Survey May 7, 2015 Page 8 of 8

FX SURVEY May 7, 2015

6. What is your near-term outlook for currencies in emerging markets?

7%

64%

7%

21%

0% 0% 0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Extremely

negative

Somewhat

negative

Neutral Somewhat

positive

Extremely

positive

Don't

know/unsure