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EM FX: US Data Prompts Moderate Weakness Across EM FX

EM FX
  • The spike higher in US yields and associated greenback strength following the US PCE data has prompted some weakness across the emerging markets space, though losses remain moderate at typing.
  • MXN and ZAR continue to stand out, with the latter having reached a fresh one-year high against the greenback at the start of European trade. USD/MXN has recovered from session lows but remains ~0.6% in the red. Moves across CE3 have been more subdued, with ranges relatively narrow on the session.
  • MNI Chicago PMI is set to follow later this afternoon, with expectations of continued weak growth likely to help lay the groundwork for next week's run of ISM and NFP data. Central bank decisions in Chile, Poland and Malaysia highlight the EM slate.
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