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  • As GBP has historically been defined as a ‘risk-on’ currency that depreciates sharply in periods of market shocks (surging VIX), it is interesting to look at the performance of EM currencies relative to the pound to remove the ‘risk-off’ component.
  • RUB remains the worst performer among the EM world as geopolitical instability has been weighing on the ruble; RUB is down 3.1% against GBP since the start of the year.
  • TRY has also been performing poorly as the ‘dovish’ CBRT, surging inflation and the elevated political and economic uncertainty have been weighing on the Lira. TRY is down 1.4% against GBP this month.
  • At the top, CLP is the best performing currency so far, up 7% against the pound. The plunge in political uncertainty combined with the hawkish BCCh (hiked by 150bps yesterday vs. 125bps expected) have been supporting the peso in the past month.

Source: Bloomberg

MNI London Bureau | +44 203-865-3850 |
MNI London Bureau | +44 203-865-3850 |

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