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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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  • Momentum on the US Dollar has been strong this week, mostly supported by the geopolitical uncertainty and the 'hawkish' Fed.
  • USD Index broke above the 97 resistance yesterday and is currently trading at its highest level since July 2020, up over 2.5% since its mid-January low.
  • ZAR has been the weakest performing currency among the EM world as the surge in price volatility (VIX) has been weighing on the 'risk on' currency. The rand is down 3.6% against the US Dollar this week.
  • CEE currencies have also been significantly impacted by the Russia-related tensions recently.
  • PLN is the second weakest performing currency among (after ZAR), down nearly 3% against the USD this week.
  • BRL and PHP are the only two major EM currencies up against the USD, up 0.8% and 0.3%, respectively.

Source: Bloomberg

MNI London Bureau | +44 203-865-3850 |
MNI London Bureau | +44 203-865-3850 |

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