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SocGen Recommends Long MXN, BRL, INR, TRY Basket

EM FX
  • SocGen are initiating a long trade idea of an equal-weighted basket consisting of the Mexican peso, Brazilian real, Indian rupee and Turkish lira, according to a Bloomberg article. SocGen calls this a basket of “high carry to volatility currencies.”
  • They also recommend shorting an equal-weighted basket of low carry to volatility currencies, consisting of the Chilean peso, Taiwanese dollar, Czech koruna and Chinese renminbi.
  • SocGen say they are selectively constructive on Latam currencies while they don’t expect any “drastic shifts” in monetary policy from Asian central banks.
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