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Broader lack of risk appetite......>

EMERGING MARKETS
EMERGING MARKETS: Broader lack of risk appetite weighs further on EM
- Emerging market currencies suffered further early Tuesday, with the likes of
TRY, ZAR, PHP and THB all offered from the outset. Reports that an
Istanbul-bound plane that originated in Iran has been diverted to Ankara on
suspicion that a passenger has Coronavirus have unsettled markets further. This
has helped USD/TRY retain a bidtone, keeping yesterday's multi-month high under
pressure.
- KRW is a firm outperformer, rallying against all others, as markets welcome
the South Korean government's plans for an extra budget to help combat the
economic effects of the virus outbreak. KRW strength comes despite expectations
that the BoK will trim rates by 25bps at this Thursday's rate decision to a new
alltime low of 1.0%.
- Mexican GDP and the Hungarian central bank rate decision are the highlights
Tuesday. Hungary are seen keeping rates unchanged, but any commentary on their
FX swaps intervention methods will be carefully eyed.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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