Firmer post-Fed greenback puts.....>

EMERGING MARKETS: Firmer post-Fed greenback puts EM space under pressure

-Asia-Pac currencies generally fell alongside regional equity markets as Fed's

Powell presented a slightly less-dovish than expected outlook for the Fed rate

path. Particular weakness has been noted in Indian equities, which sank to fresh

multi-month lows. This pulled the rug out from under the INR somewhat, prompting

a USD/INR move north of the 50-dma. IDR also fared poorly, sinking against the

wider Asia-Pac FX space, with USD/IDR bulls now targeting the 14,177 50-dma.

-USD/KRW was a standout performer overnight, helping tip USD/KRW to a

multi-month high of 1,191 on the less-than-dovish Fed. The year's best levels of

1,197 are now within view.

-Markets shrugged off the better than expected South African manufacturing PMI

data, boosting TRY/ZAR further above the 200-dma, with early June highs of

2.6094 now well within range.

-The Czech central bank rate decision (expected unchanged at 2.00%) and

Brazilian industrial production are the calendar highlights.