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EMFX relatively directionless,.....>

EMERGING MARKETS
EMERGING MARKETS: EMFX relatively directionless, with consolidation the theme
-Decent price action and intraday vol among EMFX has been few and far between
Wednesday morning, with most crosses consolidating and retaining the recent
ranges.
-KRW slightly outperformed as the reports yesterday suggesting China could
purchase more US agricultural products in order to win a more favourable trade
deal boosted trade-exposed FX. USD/KRW printed down at 1188.75, the lowest level
since August 1st.
-The recent bounce in USD/TRY has been sustained, with USD/TRY bulls now facing
their first major test, with the 100-dma at 5.7934 seen providing firm
resistance for the pair. Today marks the fifth consecutive session of higher
highs and higher lows.
-South African business confidence data, Mexican industrial production,
Brazilian retail sales and the Polish rate decision (rates exp. unchanged at
1.50%) should keep markets busy.

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