The US nonfarm payrolls print was a another shot fired in the direction of EM, and EM Asia, as the jobs data came in better than expected with the +195k result. This of course led to a spike in US Treasury yields and a steepening in the UST yield curve to levels not seen since August of 2011. The impact on EM risk assets will be obviously as this is likely to be a bloody week for Asian risk assets.
Read the full report: FX Strategy
Scotiabank