November 10, 2022 13:40 GMT
EM Currencies as Fed Rate Hike Expectations Recede on Soft CPI
EMERGING MARKETS
USD/EM coming under immediate pressure on that CPI print, with some particular outperformance noted in ZAR and CNH.
- USD/ZAR breaking through to fresh multi-month lows and below the early October support at 17.5709.
- 17.4454 (late Sept low) and 17.4629 vol-band support are the next levels to watch
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