EM FX was mostly firmer last week, helped by Trump comments and softer US data. Whilst this seems positive for EM, the global backdrop remains uncertain. Some in EM (Russia, Turkey, and Korea) remain vulnerable to geopolitical concerns. In addition, idiosyncratic domestic political risks remain in play for other EM countries, such as Brazil, South Africa, and Turkey. We expect the investment climate for EM to remain challenging this week.
Stock Markets Emerging Markets, April 11 Source: Economist.com – Click to enlarge
Singapore reports March trade Monday, with NODX expected to rise 8.1% y/y vs. 21.5% in February. Despite firmer data, the MAS left policy unchanged last week and