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Rand cracks key resistance.........>

EMERGING MARKETS
EMERGING MARKETS: Rand cracks key resistance
-USD/ZAR's downtrend persisted Tuesday, sending the pair through the 50-dma
support at 14.6664 to hit new monthly lows. This marks the first break below the
mark since mid-June, retaining ZAR's recent outperformance.
-Elsewhere, further signs of conciliation from Chinese negotiation teams helped
support risk appetite, emanating from a South China Morning Post article citing
sources saying China were ready to sweeten any trade deal with the US by
committing to larger purchases of American agricultural goods.
-In eastern Europe, HUF underperformed materially on woeful CPI data for August,
with both the m/m and y/y figures falling 0.1 ppts below forecast. This bumps
focus to Wednesday's minutes release from the country's central bank as EUR/HUF
holds close to all-time highs of 332.15.
-Mexican industrial production, Brazilian retail sales and Russian trade balance
data takes focus Wednesday.

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