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Twin pressures from higher.........>

EMERGING MARKETS
EMERGING MARKETS: Twin pressures from higher energy prices and rallying US
yields this week have put emerging market FX under pressure from the get go.
That remains the case in early NY with ZAR, RUB, TRY and BRL all lower against
the greenback again today. Despite US 10y yields pulling back today, they still
remain well above the 3% mark after printing 3.126% yesterday. 5y yields in the
US have so far pulled back near 3bps, the biggest move in the US curve today.
Shorter-end of the curve (2y-5y) is marginally flatter as US equity futures
pullback just ahead of the open. Main loser is Alphabet (Google) shares, which
sit lower by 1.5% in pre-market trade.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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