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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
EM FX
- Bull retracement continues on USDZAR, with the pair breaking above its 200DMA and 100DMA in today’s trading session, with the rand potentially impacted by the recent flooding in and around Durban.
- The ZAR is now the worst performing currency among the EM world since the start of the month, down 5.1% against the US Dollar.
- CLP and HUF are the second and third worst performing FX this month, down 3.8% and 2.8%, respectively, against the USD.
- The forint experienced a sharp depreciation in the week following Orban’s victory (April 3), but has been consolidating in the past week as HUF remains ‘very cheap’ at current levels relative to its ‘fundamental value (nearly 25% undervalued vs. USD).
- BRL remains at the top of the EM FX league, up 2.6% against the US Dollar, supported by the aggressive tightening and the elevated nominal yields.
- USDBRL is approaching its key support at 4.60; next level to watch below that stands at 4.50.
Source: Bloomberg/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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