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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
- BRL is the best performing currency among the EM world, up 1.9% against the USD, following the central bank's decision to raise the Selic rate by 150bps to 7.75%, the biggest raise in almost 20 years, to curb the elevated inflationary pressures.
- CZK has also been trending sharply higher as CNB surprised the market yesterday with a 125bps rate hike, which levitated the policy rate to 2.75%, its highest level since November 2008. CZK is up against all major crosses with market pricing in a higher terminal rate (likely to be 3.5% now).
- Third best performer is the 'risk-on' ZAR, which continues to be driven by high real rates, large current account surpluses and low volatility. ZAR is up nearly 1% against the USD this month.
- On the other hand, COP has been the worst performer this month, down 2.6% against USD, partly driven by the consolidation in oil prices.
- RUB has also been consolidating slightly lower this month, down 0.4% against the USD.
Source: Bloomberg
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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