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New York Fed Staff Nowcast

CNH fails to sustain rally as......>

EMERGING MARKETS
EMERGING MARKETS: CNH fails to sustain rally as Trump remains combative
-Despite gaining some ground in the Monday session, CNH returned lower and once
again highlighted the political sensitivity of the currency following a
particularly combative speech from President Trump at the United Nations. In the
speech, Trump again highlighted his disapproval with what he believes are
China's unfair, anti-competitive practices, adding that he sees China's
admission into the WTO as a mistake. This helped support USD/CNH in the latter
half of the session, keeping a return to early September highs on the cards for
now.
-The National Bank of Hungary kept rates unchanged but made minor tweaks to
policy to improve excess liquidity in the domestic economy. HUF had already hit
an alltime low against the EUR ahead of the decision and swiftly improved
following the decision as markets appeared to take profits. Tuesday's moves did
little, however, to reverse the weakening trend.
-The Thai and Czech central banks hold rate decisions Wednesday (both expected
unchanged), with Mexican unemployment rate data also due.