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Flat US CPI Sees EM FX Catch a Bid, ZAR Leads

EMERGING MARKETS
  • Gap lower in the BBDXY following US CPI data
  • High-beta FX gaining vs the $ in the aftermath
  • Interestingly, TRY holding back a bit more than ZAR & RUB following CPI with positioning slightly lighter due to Erdogan's speech this evening and the CBRT tomorrow
  • USD/ZAR hovering around the 200dma following US CPI
  • SAGBs have pared early weakness and are approaching positive territory for the day
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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