J.P. Morgan Trims Overweight EM FX Position

The US Bank has trimmed its OW in EM FX due to the rebound in US yields, see below for updated positions and trade:

J.P. Morgan: "We stay OW EM FX favouring the high-carry basket, but we have reduced risk in recent weeks amid the back up in US yields.
EMEA EM: We are OW EMEA EM FX in a low-beta portfolio via OW TRY and RON versus UW CZK. In outright trades, we like long EUR/HUF combined with selling OTM calls, USDZAR put spreads and long SEK/CZK.
LatAm: We are OW Latam FX via MXN, BRL and UYU. Stay MW CLP and UW COP.
EM Asia: We remain neutral Asia FX and retain our bias for domestically oriented high yielders. Stay engaged with carry in SGD NEER proxy longs, as well as more defensively oriented long PHP (vs basket) and short CNHINR. We remain positioned for a China rally in ex-China via short CNH vs AUD, SGD, THB ."