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Following the moves by the Fed.....>

EMERGING MARKETS
EMERGING MARKETS: Following the moves by the Fed yesterday, SocGen see a further
14 emerging market central banks cutting interest rates by the end of the year,
with local conditions (narrow CA deficits, low inflationary expectations) also
helping support a shift to looser policy.
- Structurally, SocGen's view on EMFX has not changed (long since Q3 last year)
but believes the pace of the rally in FX rates has been too quick and too large.
- As such, those FX with external risks, low carry and with aggressive cuts
already priced in will be hurt the most. SocGen cite TRY, ARS, COP, CE3, CLP,
PEN as examples.

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