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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
EM FX
- The economic and political uncertainty combined with the ‘extremely’ dovish CBRT (despite inflation standing at over 20%) have been weighing on the TRY, which is down over 25% against the USD since the start of the month.
- CLP is the second weakest performer among the EM world, down 5% against the greenback. Most of the losses came from today’s depreciation following Boric victory in Sunday’s runoff.
- Selling pressure on HUF and BRL has remained elevated despite both central banks raising rates aggressively to curb inflationary pressures.
- At the top, MXN is the best performing currency this month so far, up 3.4% against the USD, even though oil prices have been under pressure amid new restrictions.
- The higher-than-expected 50bps hike (vs. 25bps) last week generated some bullish momentum on MXN in recent days; USDMXN broke below its 50DMA support on Friday.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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