Global

FX rate risk in EM: Oil and commodities differentiating big EM not small EM

  • US$ strength (up 10 percentage points ytd) obviously hurts local currency assets in all emerging markets (EM)

  • Big EM: clearer split in FX rate performance with commodity importers outperforming exporters

  • Small EM: overall risk appetite contraction appears to matter more than commodity net export or import position

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March 22nd, 2020
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