EMFX subdued ahead of busy week....>

EMERGING MARKETS: EMFX subdued ahead of busy week

-ARS traded slightly softer despite the unveiling of Macri's fiscal plans to

shore up the economy. Measures announced include IMF debt renegotiation, tax

cuts and monetary policy reform. USD/ARS climbed to five-week highs.

-ZAR extended its recent downtrend, helping boost USD/ZAR above the 15.20 level

for the first time since early September, prompting bulls to set sights on the

best levels of August at 15.4995. Markets await updates on the ANC's economic

plans, with beleaguered utility Eskom likely to feature heavily. TRY had a

decent session, helping press USD/TRY to the lowest levels since mid-August and

make a decent test on the 200-dma support at 5.6301. The gains have been helped

by Turkey's economic statement this morning which upped GDP growth targets to 5%

from 3.5% next year and forecast a sharp slowdown in inflation.

-South Korean CPI and trade balance data, global manufacturing PMIs and

Brazilian monthly trade balance take focus Tuesday. China newsflow may remain

muted ahead of the resumption of trade talks later this month with markets

closed for National Day holidays.