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Risk-off Malaise Filtering Through to EMFX

EMERGING MARKETS

On the whole, EM currencies are weaker this morning, with ZAR, HUF, MXN and a few others leading the losses. EM currencies are taking their cue from global equities, which remain in the red ahead of the Nonfarm Payrolls release in just over 30 minutes and as President Trump took executive action to par US corporates and individuals from using China's WeChat and TikTok services - a move that took markets by surprise late yesterday.

ZAR trades weaker, but USD/ZAR has had a hard time breaking above the 100-dma at 17.6281. A close north of this mark would be a bullish development and open new multi-month highs for the pair. Nonetheless, the turnaround in the TRY is helping pick most EM currencies off the mat, with MXN and ZAR both clear of the day's worst levels.

One brighter spot among EM currencies is TRY, which has rallied sharply off the alltime low printed this morning as amid further comments from Turkish authorities this morning including comments from Turkish bankers who've stated that the average rate of funding will increase gradually, with interbank rates already higher due to Turkish central bank's liquidity measures.

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