Mixed fortunes for EMFX on oil.....>

EMERGING MARKETS: Mixed fortunes for EMFX on oil price swing

-The contrasting fortunes of oil importers/exporters were clear this morning, as

the near 20% surge in Brent crude futures underpinned some, but pressured others

in EMFX. The expected deterioration in tensions between the US and Iran and

Saudi Arabia and its neighbours worked particularly well for the RUB, which

extends its winning streak against the greenback to a third session. USD/RUB

showed below the 64.00 mark for the first time since early August, cementing the

close below the 100-dma.

-On the other side of the trade, INR, TRY, KRW and other notable oil importers

are suffering, helping correct the recent downtick in USD/INR, as the pair now

trades either side of 71.50. Despite being a oil exporter, IDR is also falling

as the central bank confirms intervention in the country's bond market as a

means to "maintain IDR stability". The decision comes after USD/IDR traded close

to multi-year lows last week.

-Israeli GDP, Brazilian and Polish inflation and Russian industrial production

are the calendar highlights.