| Averages | Q4 09 | Q1 10 | Q2 10 | Q3 10 | Q4 10 | Q1 11 | Q2 11 |
| EUR/USD | 1.48 | 1.49 | 1.48 | 1.44 | 1.45 | 1.45 | 1.42 |
| GBP/USD | 1.62 | 1.63 | 1.62 | 1.56 | 1.59 | 1.63 | 1.61 |
| GBP/EUR | 0.9 | 0.89 | 0.9 | 0.91 | 0.85 | - | - |
| USD/JPY | 90.8 | 92.33 | 93.5 | 96 | 94.67 | 96 | 97.5 |
Sources: Danske Bank, BBH, NY Melon Bank, BNP Paribas, BMO Capital Markets, Calyon, CIBC, Deloitte, RBC and TD Economics







