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1、 Please refer to important information at the end of the report www.GlobalM This document has been produced by: BNP Paribas London Branch Michael Sneyd, CFA, Global Head of FX Strategy it does not purport to be an exhaustive analysis, and may be subject to conflicts of interest resulting from their
2、interaction with sales and trading which could affect the objectivity of this report. This document is non-independent research for the purpose of the UK Financial Conduct Authority rules. For the purposes of MiFID, non-independent research constitutes a marketing communication. This document is not
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4、 Paribas. This document constitutes a marketing communication and has been prepared by BNP Paribas for, and is directed at, (a) Professional Clients and Eligible Counterparties as defined by the European Union Markets in Financial Instruments Directive (2004/39/EC) (“MiFID”), and (b) where relevant,
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8、ticular purpose of such information and such information may not have been independently 05 February 2018 11 www.GlobalM verified by BNP Paribas or by any person. None of BNP Paribas, any of its subsidiary undertakings or affiliates or its members, directors, officers, agents or employees accepts an
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11、nsaction is subsequently entered into between the recipient and BNP Paribas, such transaction will be entered into upon such terms as may be agreed by the parties in the relevant documentation. Information and opinions contained in this document are published for the information of recipients, but a
12、re not to be relied upon as authoritative or taken in substitution for the exercise of judgement by any recipient, are subject to change without notice and not intended to provide the sole basis of any evaluation of the instruments discussed herein. In providing this document, BNP Paribas does not o
13、ffer investment, financial, legal, tax or any other type of advice to, nor has any fiduciary duties towards, recipients. Any reference to past performance should not be taken as an indication of future performance. To the fullest extent permitted by law, no BNP Paribas group company accepts any liab
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15、nt. Unless otherwise indicated in this document there is no intention to update this document. BNP Paribas and its affiliates (collectively “BNP Paribas”) may make a market in, or may, as principal or agent, buy or sell securities of any issuer or person mentioned in this document or derivatives the
16、reon. Prices, yields and other similar information included in this document are included for information purposes however numerous factors will affect market pricing at any particular time, such information may be subject to rapid change and there is no certainty that transactions could be executed at any specified price. BNP Paribas may have a financial interest in any issuer or person mentioned in this document,
