Firmer risk appetite has mixed.....>

EMERGING MARKETS: Firmer risk appetite has mixed results for EMFX

-A decent session for CNH raises the likelihood of a lower USD/CNY fix Friday,

with focus turning to any further details on the proposed October meeting

between US and Chinese trade delegates. The news boosted risk appetite across

G10 FX, but the effect was more muted in EM.

-After several sessions of outperformance, TRY reversed course Thursday as

markets eyed comments from President Erdogan putting pressure the CBRT to ease

policy to support the economy. Further selling pressure went through in the TRY

as the Turkish leader also threatened to open his country's borders with Europe

if his government no longer receive international support on the Syrian refugee

crisis.

-Having outperformed for much of the morning, ZAR reversed course ahead of the

close as any positivity emanating from the SARB confirming their GDP forecasts

fell victim to profit-taking and a retracement back toward the 14.90 mark.

-The Russian central bank are seen cutting rates by 25bps to 7.00% Friday,

Chilean trade balance and inflation data from Taiwan and Brazil are due.