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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
- To the exception of the TRY, most of the EM currencies have been consolidating higher this week despite rising Covid uncertainty.
- MXN is the best performer so far, up nearly 3% against the USD, followed by ‘risk on’ ZAR and RUB, up 2.5% and 2% against the dollar.
- It is interesting to see that the momentum on oil-sensitive currencies – MXN, RUB and COP – has been strong this week despite oil prices under elevated selling pressures.
- CEE currencies have also been trending higher this week, with HUF being the best performing currency of the region, up 1.30% against the dollar.
- NBH hiked its rate corridor earlier to be able to continue its tightening cycle to curb inflationary pressures, which led to further HUF appreciation in today’s trading session.
- The Turkish Lira remains the worst performing EM currency, down over 6% against the USD, as Erdogan holds firm on interest rates.
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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