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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
EM FX
- We saw that sharp CNY depreciation since the middle of April had strongly weighed on most EM currencies (particularly 'risk on' ZAR).
- EM FX portfolio managers generally reassess their risk when CNY depreciates sharply following the August 2015 episode (CNY 'devaluation) that generated a market shock (SP500 down 10% following that event).
- This week, the positive bounce on the CNY (and CNH) led to a stabilization in the EM FX market, with ZAR, Latam and CEE FX regaining some momentum after a sharp consolidation.
- BRL is the best performing currency this week (excl. RUB), up by 3% against the USD, followed by PLN (+2.4%) and ZAR (+2.1%).
- TRY is the weakest performing currency among the EM world, mostly driven by the recent political divergence and 'dovish' CRBT.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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