<table><tr><th>From:</th><th>Richard Kahn</th></tr><tr><td>Sent:</td><td>Tuesday, February 28, 2017 11:16 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Subject:</td><td>Fwd: FX BULLet: Five reasons to sell EUR/USD</td></tr></table>

Richard Kahn
HBRK Associa=es Inc.
575 Lexington Avenue, 4th Fl=or
New York, NY 10022

Begin forwarded message:

From: "Ens, Amanda"
Date: February <u>28, 2017=at</u> 5:0651PM EST
To: "Rich Kahn"
Subject: FX BULL=t: Five reasons to sell EUR/USD
Reply-To: "Ens, Amanda"

Can implement through FXE, the ETF. Recall our FX strategy also lik=s owning April expiry ATM puts. =nbsp;

=span style="mso-bookmark:_MailOriginal">
BofA Merrill Lynch Global Research<=strong>

<=pan style="mso-bookmark:_MailOriginal">Summary: FX strategy is bearish EUR/USD and are convicted i= should be sold, now. Here is why...

1. &n=sp; Three major event risks in=luding tax reform, the March FOMC meeting and the French election could wea=en the EUR and strengthen USD.

2. The recent divergence between EUR/USD positionin= and risk reversals reminds us of 2011 which witnessed a sharp EUR/USD sell=off. (Chart 1)

3. &=bsp; Differentials for c=re inflation, unemployment and 5y rate spreads would justify a weaker EUR/U=D in 1H17. (Chart 19-21)

4. Technical trend models recently broke down confirming t=e breakdown in the CEEREU, such as the EUR advance decline line of G9 curre=cies. (Chart 3, panel 1 and 3)

5. Spot EUR/USD formed a bearish flag pattern that s=ggests the 4Q16 decline and bearish momentum will continue.

	- Support: 1.0490, 1.0350, 1.0025. Resistance: 1.0680= 1.08, and 1.1025

Chart=1: EUR/USD positioning and risk reversal diverge

=nbsp;

<//=>

Technical Advant=ge: Euro chart pack

• In this report, w= show EUR trends and technical breadth is still weak vs DM and may bounce v= EM.

• EUR trends in DM are mostly down, except=EUR/JPY. EUR/GBP is forming a top. EUR/Oil has less downside left than real=zed.

• Established downtrends in EUR/RUB and EU=/ZAR could bounce and should be sold. EUR/KRW may find support near an 11-y=ar low.

Global Liquid Markets Weekly: What do we know (almost for sure)=

• The interdependency between tax ref=rm, March FOMC mtg and the French election means selling EUR/USD is the rig=t trade now

• The MXN would be a major benefici=ry if we are not correct.

• In our annual mediu=-term oil outlook we now see Brent prices averaging $50 to $70/bbl through 2=22.

=/tr>

<http://rsch.baml.com/r?q=9o9FdjPJ80=2cA5chvPpmQ&e=richardkahn12%40gmail.com&h=Jip-xw> <=pan style="font-family:"Arial","sans-serif";mso-farea=t-font-family:"Times New Roman";text-decoration:none;text-underli=e:none">FX Viewpoint: EUR in 2017

<http://r=ch.baml.com/r?q=9o9FdjPJ80m2cA5chvPpmQ&e=richardkahn12%40gmail.com&=mp;h=Jip-xw>

• We=expect weaker EUR short term, as the US delivers fiscal stimulus and market= get concerned about EZ political risks.

• We s=e EUR strengthening in H2, as the EUR is undervalued, EZ data is improving,=and the ECB will taper QE.

• We are long EUR/JP= for the year. Downside short-term risks an opportunity to buy.<=span>

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