European equities are once again trading in positive territory, but the optimism has failed to transfer into commodity or FX markets, leaving the greenback stronger. The Fed’s Rosengren’s message that it is still premature to end QE, did not have much of an impact, which likely leaves LATAM FX on a weakening bias, at least until next week’s US non‐farm payrolls release. The past month has seen EMFX bleed strongly against the USD, and we fear the trend may still drag on for a little longer.
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Scotiabank