ANZ note that their "Global Market............>

FOREX: ANZ note that their "Global Market Sentiment Index has improved

significantly over the past week, signalling that a lot of the dire outlook

baked into assets prices has been priced out. Having said that, the index is now

hovering close to the 'hope' threshold, suggesting the odds of a reversal are

slowly, but surely, increasing. The current run in risk appetite has failed to

benefit EM markets, while the rally in the USD has also taken a toll on emerging

market (EM) FX. Investors may have their reasons for being wary about the

outlook for EMs. Leading indicators for growth suggest momentum in the EM

economies has turned and, looking ahead, some further moderation is likely. The

change in major central banks' balance sheets usually presages lower flows to

EM; and we believe the ongoing expected decline in global liquidity will

continue to be a factor weighing on EM FX in the coming months."