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Foreign Exchange Outlook

The type of deposit account to open depends on how you plan to use the account. If you will need to gain access to your money on a frequent basis, use a chequing or savings account. If you do not need to use your money for a longer period, a time deposit account may be best for you. Interest rates will vary depending on the type of deposit account opened by a consumer. This is because each type of account will have its own terms and conditions. Generally, the longer you can guarantee your funds are deposited in the bank’s account, the higher the interest. | Global Economic Research December 20 2012 27.05 36.65 19.63 09.69 56.08 69.39 87.10 21.36 57.14 69.31 Foreign Exchange Outlook Happy Holidays Bet oishes for th holiday season from all f s. The next issue of Foreign Fxehanye Outlook willbe on Thursday January 31 2013. Diverging central bank policy uneven progress towards sovereign debt sustainability political change progress in Europe growth in Asia investors global search for yield and a low volatility market environment are the themes that are likely to drive the currency landscape in 2013. The North American outlook is complicated by uncertain fiscal drag which has proven to be a significant business and market disturbance however for FX markets aggressive Fed policy combined with building growth momentum and favourable risk appetite supports the outlook for the CAD. In Europe diminished tail risk and shifting market confidence helped to support EUR in the final few months of the year however bouts of uncertainty will likely continue to weigh on the currency in 2013 GBP s outlook is more positive but it is the Scandies whose outlook shines as they benefit from relative central bank policy and sentiment. In Asia the outlook for JPY has deteriorated materially as political uncertainty and rising concerns that the BoJ is in the midst of losing its independence weigh on what was already a difficult currency outlook. CNY continues to appreciate however with a narrowed current account surplus and slower pace of FX reserve accumulation we expect only moderate strength in 2013. Andex Market Tone Fundamental Focus.3 US Canada.5 Europe.6 Asia Oceania.8 Developing Asia.10 Developing Americas.11 Global Currency Forecast.13 Foreign Exchange Outlook is available on www.scotiabank.com and Bloomberg at SCOE Global Economic Research December 20 2012 Foreign Exchange Outlook Global Foreign Exchange Outlook December 20 2012 Actual Q2a 12 Q3a 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 EURUSD 1.32 1.27 1.29 1.33 1.30 1.29 1.28 1.27 1.26