TRY lent a hand as offshore........>

EMERGING MARKETS: TRY lent a hand as offshore borrowing rates spike

- After suffering at the hands of global risk sentiment late last week, emerging

market FX has been granted some modest reprieve Monday, particularly the TRY,

which hit multi-month lows against the USD on Friday. TRY offshore overnight

borrowing rates spiked sharply higher early Monday and well above 75%, in a move

that may have been manufactured to squeeze out those short TRY after the recent

slide. Either way, TRY has benefited, prompting a recovery in the currency below

6.00 against the USD. The 50-dma still acts as decent support at 5.9089.

- CNH has had a decent session so far, with further pledges and reports of

support from both the Chinese government and PBOC. USD/CNH sits back below 7.00,

which has lifted some pressure of regional currencies and allowed THB, KRW and

TWD to recover.

- Monday's data schedule is relatively light, keeping focus on the larger risk

events later in the week, including the Banxico rate decision, where they're

seen trimming rates by 25bps on Thursday.