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CNH declines to buy in to..........>

EMERGING MARKETS
EMERGING MARKETS: CNH declines to buy in to 'sooner than you think'
-Despite domestic equities rising on Trump commenting that a US-China trade deal
could come 'sooner than you think', CNH only found brief support and quickly
resuming its weakening path ahead of the US close. USD/CNH touched 7.1345 in the
late Europe session, the highest since early September, as currency traders
remain sceptical.
-CZK staged an outsized move against the EUR, strengthening by 0.4% or so as the
unchanged Czech rate decision proved slightly hawkish: the governor highlighted
'strengthening' inflationary risks and 'justifiable' proposals to hike rates at
the current meeting. EUR/CZK fell to touch 25.768, a one-month low.
-MXN underperformed from the off as the Mexican President warned that he didn't
know the impact of Trump's impeachment situation on the USMCA deal. Banxico
decision tomorrow now takes focus.
-Both the Philippine and Mexican central banks are expected to cut rates by
25bps to 3.5% and 7.75% respectively on Thursday. South African PPI, Polish
central bank minutes and Hong Kong trade balance data is also due.
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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