Deutsche Bank G10 forex models point to the three 'cheapest':

  • JPY, SEK and CAD

Most expensive are:

  • USD, CHF and NZD

DB use 4 models for longer-term fundamental fair-value estimates for major EM andG10 FX

I don't have the details but two of them are Purchasing Power Parity (PPP) and Fundamental Equilibrium Exchange Rate (FEER) models that you can research. The third is DB's own Behavioural Equilibrium Exchange Rate (BEER) model.

Fourth is their capital-based model (Cap-PPP).