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EMFX subdued ahead of busy week....>

EMERGING MARKETS
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.
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