Trump's tariff delay underpins.....>

EMERGING MARKETS: Trump's tariff delay underpins surge in FX volumes

-In a further move of conciliation, the US administration is to delay tariffs on

Chinese goods headed to the US by two weeks, to avoid coinciding with Chinese

national holidays and the next round of trade negotiations between the two

countries. The news, announced via Trump's Twitter account, send CNH soaring,

underpinning CNY volumes, which already sit comfortably above average. USD/CNY

gapped lower at the open, touching 7.0823, the lowest level since mid-August.

-Elsewhere, the INR trades relatively well ahead of today's CPI figures due

after the onshore close. USD/INR touched pullback lows of 71.2382 early

Thursday.

-On a technical basis, USD/RUB had a decent breakout early Thursday as the pair

cemented the move below the 65.3292 200-dma, with bears now targeting the 50-dma

at 64.8674.

-The ECB rate decision will likely drive sentiment across EM currencies, but the

Turkish central bank rate decision (exp. to cut 275bps), South African mining

production and Argentinean CPI may elicit some interest.