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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
- This year, the Russia/Ukraine conflict generated a sharp divergence between Latam and CEEMEA currencies (CEEMEA FX have been very sensitive to the geopolitical uncertainty).
- While momentum on Latam currencies has been strong since the beginning of January, with Latam FX gradually converging back towards their 'fundamental' value, CEE FX were sold off aggressively in February/March (before retracing higher in the past month) and continue to trade significantly below their ‘fundamental’ value.
- The divergence continues in April with the US Dollar pushing higher against CEEMEA FX.
- The HUF has been the worst performing currency among the EM world, down 3.2% against the Dollar, mostly driven by the rise in political risk following Orban’s victory.
- On the other hand, BRL continues its bull consolidation this month (best performing currency up 1.6% against USD), with USDBRL testing the 4.60 support (lowest level since March 2020) in today’s trading session before consolidating higher.
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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