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11 Mar 2015
EM FX suffers the same fate as majors, USD to blame – BBH
FXStreet (Barcelona) - The Brown Brothers Harriman Team explains that broad based USD strength has led to many EM currencies weaken against the dollar.
Key Quotes
“It’s been an ugly week for EM. We’ve already seen new multi-year highs for USD/BRL, USD/CLP, USD/COP, USD/MXN, USD/ILS, USD/ZAR, USD/IDR, USD/KRW, USD/MYR, and USD/SGD.”
“This goes hand in hand with several cycle highs this week for the dollar against many of the majors, including JPY, AUD, EUR, DKK, NOK, and SEK.”
“It's pretty unusual to see so many USD highs being set at one time, which just goes to show just how broad-based the current dollar rally really is.”
“Meanwhile, MSCI EM has given up its 2015 gains and is now down on the year. It's currently testing the 62% retracement objective of the December-February bounce near 941.20, and a break would target the December low near 906.25.”
Key Quotes
“It’s been an ugly week for EM. We’ve already seen new multi-year highs for USD/BRL, USD/CLP, USD/COP, USD/MXN, USD/ILS, USD/ZAR, USD/IDR, USD/KRW, USD/MYR, and USD/SGD.”
“This goes hand in hand with several cycle highs this week for the dollar against many of the majors, including JPY, AUD, EUR, DKK, NOK, and SEK.”
“It's pretty unusual to see so many USD highs being set at one time, which just goes to show just how broad-based the current dollar rally really is.”
“Meanwhile, MSCI EM has given up its 2015 gains and is now down on the year. It's currently testing the 62% retracement objective of the December-February bounce near 941.20, and a break would target the December low near 906.25.”