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Greenback Strength Weighs Heavily On EM FX Basket

FOREX
  • The spike for US yields and the weakness for major equity benchmarks is benefitting the greenback and weighing substantially on the more risk sensitive currencies. In G10, AUD and NZD continue to relatively underperform, while GBP has reversed the entirety of the post-labour data advance.
  • As such, the emerging market basket has gapped lower, with the JPMorgan EM Currency Index reaching the lowest level since October last year.
  • In LatAm, USDMXN has risen back to just shy of the 17.20 mark and while at weekly highs, still remains below the most recent highs around 17.28. For USDCLP, the pre-data position squeeze that saw USDCLP decline to 967.18 fully reversed, with the pair printing a fresh cycle high at 978.00, in the direct aftermath of the data.
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