EMFX under pressure as global......>

EMERGING MARKETS: EMFX under pressure as global trade environment worsens

-Currencies from LatAm to Asia-Pac to Russia had a rough ride Friday as the

ratcheting higher of the US-China trade dispute dented risk sentiment and

propped up FX volatility across the board. This resulted in protracted weakness

in the CNH, TWD, KRW and others against the USD, all striking multi-month lows.

The sentiment was compounded by MNI sources reports which suggested September's

scheduled US-China meeting could be cancelled.

-RUB took another hit on sanctions pressure as the US Treasury identified more

sanctions targets in response to the 2018 nerve agent attack on British

citizens. USD/RUB briefly rallied above the 65.3647 200-dma in response, hitting

the best levels since early June. BRL slipped further as the central bank's

surprise 50bps base cut continues to ripple through markets. USD/BRL briefly

showed above the 100-dma at 3.8791 in response.

-Rate cuts are expected from the Indian and Philippine central banks next week,

while the Bank of Thailand are expected unchanged. Turkish CPI, Caixin China

PMIs and Indonesian GDP data are also on the docket.